Get Approved for Vehicle Financing in Chatham
Why to Not Use Your Line of Credit
Here are the top 5 reasons why you should NOT use your line of credit to pay for a vehicle:
- Floating interest rate that fluctuates with Prime; variable payment. Unknown interest and unknown term.
- Leave line of credit for emergency or investment opportunities.
- Secured lines of credit are secured by your home. Default of payment for any reason allows the bank to take your home. Banks consider a line or credit to be a second mortgage.
- A fixed term car loan with a dealership allows you to pay off loan quicker, trade earlier and save money. A loan is open and payments can be paid additionally and on top of existing payments.
- Terms of repayment are not designed for automotive purchases due to depreciation and the elongated/open ended term of the “loan.” Dealership financing provides fixed payment so it’s easier to budget.
We Specialize in Financing
We at the Victory Ford Finance Department specialize in providing the best financing options for your vehicle. We deal with all of the major banks, including Ford Credit and can save you thousands. We want to make financing a vehicle as easy as possible, so contact us or visit us at Victory Ford in Chatham.