Car Financing FAQ

Yonkers Car Finance | New York Preowned Dealer

Yonkers Automall has many used vehicles to choose from. Once you find the perfect vehicle, take advantage of our in-house used car finance option for used vehicles. Financing can be confusing, but it doesn’t have to be. Here is a bit of information about financing your used car.

If you aren’t able to pay cash for your vehicle, you’ll need to decide between a loan or a lease. When you take out a loan, all of the money you put towards the loan goes towards the vehicle. So if you make a down payment of $3000, it will go towards to cost of the vehicle. For a lease, all the payments you make go towards the use of the vehicle, but not towards the ownership of it. The lease rate is determined by the rate of depreciation for the car when you are using it.

At the end of leasing a vehicle, you often pay less than you would have if you purchased it from the start, and many times, after the lease term of the vehicle ends, you have the option to buy the vehicle. The residual value of the vehicle is used to determine the purchase price of it.

For a loan for a new car, rates are determined by the amount borrowed, the length of the loan, the interest rate and your credit history, along with other factors. A down payment between 10 and 20 percent of the total cost of the vehicle is usually required, although sometimes there are specials that don’t require a down payment. For used vehicles, a down payment of 20 percent is often required and it is possible that the interest rate will be slightly higher than for a new vehicle.

How do you decide between a car loan and a lease? It depends on your goals for the vehicle. If you want to own the car eventually or pass it down to a family member, financing a car loan might be a better option. If you prefer to have the newest technology and don’t mind a monthly payment, a lease might be the best option.

Whatever you decide, Yonkers Automall can help finance your vehicle. Stop by and visit our preowned car dealer at 1716 Central Park Avenue, in Yonkers, New York. Our friendly staff are available to answer any questions you have.

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1716 Central Park Ave
Yonkers, NY 10710