FINANCE FAQ

No experience with financing? No problem. Start here with these finance-related FAQs, then we’ll be happy to answer any still-unanswered questions when you contact us at Jansen Chevrolet.

WHAT DO I NEED FOR AN AUTO LOAN?

When you apply for an auto loan, you will need to provide the following information: your name, social security number, address, date of birth, employment history records, ID, and gross monthly income; we’ll gather additional financial information like your credit score and credit history.

WHAT IS APR?

Annual percentage rate is the interest rate applied to the balance of your auto loan each year.

HOW IS THE APR DETERMINED?

An APR is generally negotiable to some degree, but will depend on things like your credit history, the cost of the vehicle, and how much of a down payment you are able to make on the vehicle up front.

WHAT IS FIXED RATE FINANCING?

In this form of financing, the finance rate of your auto loan stays the same the whole time so that your payment amount never changes.

WHAT IS VARIABLE RATE FINANCING?

Unlike fixed-rate financing, variable rate financing fluctuates with the current market, meaning that the payments you are making on your loan will change with the market as well.