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Finance

Financing Made Easy

Navigating the financial aspect of buying a vehicle can be incredibly stressful if you aren’t working with the right dealership. Unfortunately, dealerships that rely on high-pressure sales tactics and gimmicks often mislead customers into believing they got a great deal, only to discover the truth long after the sale is final. At Ruge’s Chevrolet, we’re dedicated to delivering a different type of experience with our hassle-free guarantee.

We have an exceptional team of finance experts who know the intricacies of the car-buying process. They’re excited to put their expertise to use and help customers like you secure competitive finance rates and fully understand what you’re paying for and getting before signing on the dotted line. This expertise and our commitment to transparency allow us to help every customer find the best purchase option for their financial needs so that they are on the road to greater financial success from behind the wheel of a vehicle they genuinely love.

Know Your Options: Leasing and Loan FAQs

When you purchase a vehicle, you usually have three options: pay cash, sign a lease, or take out a loan. Paying cash is the most straightforward approach, but it’s not as common since most people aren’t ready or willing to drain their savings to pay for a vehicle in full. So, instead, many customers choose to take out a loan or sign a lease. So, what option is better?

What Does It Mean to Sign a Lease?

Leasing a car is equivalent to renting an apartment; you pay to use the vehicle for a predetermined time and never take ownership. Lease options vary, ranging from 24 months or longer, allowing manufacturers to meet different customer needs. Because you’re only paying to use the vehicle for a set period, your monthly lease payments will be lower than a loan payment. However, you must keep the car in excellent condition and stay within the mileage parameters outlined in the lease terms or face additional penalties and fees.

What Does It Mean to Take Out a Loan?

You can purchase a vehicle with a loan, which involves borrowing the total purchase price from a lender. Unlike a lease, where you’re not building equity with your monthly payments, every payment on your loan goes toward paying off the vehicle, at which time you receive the title and take official ownership from the lender. By signing a loan, you agree to repay the total amount with interest to the lender over a predetermined period, i.e., 24, 48, or 60 months.

How Does My Credit Score Impact My Chances of Approval?

Lenders look at your credit score to determine your creditworthiness when you apply for vehicle financing. Your credit score considers the types of credit you have, your overall credit usage, and your payment history. Individuals with higher credit scores prove they can responsibly manage their debt, giving lenders more reasons to approve them for a loan.

Customers with lower credit scores or limited credit histories, like first-time buyers, often have more difficulty getting approved for a loan. However, Ruge’s Chevrolet believes every individual should have the opportunity to purchase a vehicle, so our finance team works diligently to make that happen. Whether you have a repossession, past bankruptcy, or a low credit score, we work with a variety of lenders and financial organizations that give you plenty of options to finance your purchase. Regardless of your situation, we’ll do everything possible to help you buy the perfect car for your needs.

What if I Want to Purchase My Leased Vehicle?

One of the great perks of leasing a vehicle is that you usually have the option to purchase it before the lease ends. For many drivers, leasing is a great way to see if a car is the right fit. When that happens, all it takes is a quick visit to the dealership to start and finalize the purchase process.

How Does My Current Auto Loan Impact My Next Purchase?

You’re ready to upgrade your ride, but you’re unsure if that’s possible since you have a current automotive loan. Fortunately, you’re still eligible to purchase a vehicle with Ruge’s Chevrolet. We ask that you reach out to your lender for the final payoff amount and bring your lender’s information with you when you visit the dealership.

Once you know the loan payoff, you know how much you need to get for your trade to satisfy the loan. This gives you a great starting point for negotiation, especially when you use online tools like Kelley Blue Book to value your trade ahead of time. This information allows you to trade your car for a newer model without hassle or second-guessing the deal.

We Want Your Car: Sell or Trade

Ruge’s Chevrolet is excited to help you find your next car, truck, or SUV, but we’re also in the business of buying cars. Our inventory is constantly changing, so we’re always looking for top-quality models that add value to our selection. We want our customers to have the best to choose from, and that starts by helping you sell or trade your vehicle with us.

We’re excited to offer you top-dollar for your car with no requirement to purchase your next vehicle at Ruge's Chevrolet. This means you can walk away with cash in hand, or you can browse our inventory for your next ride. Either way, you have options, and that’s one of the many perks of selling and trading with our team.

Frequently Asked Questions

Can I still get a car loan if I have a poor credit score?

Yes you can. Our dealership works closely with a number of different lenders that provide financing on new and used vehicles for customers with a wide set of credit scores. Whether you have bad credit or are just now building your credit, our finance department can help you work with you to find an option for a new or used vehicle that meets your budget. Give us a call for more information about auto financing and approvals or complete our online credit application here on our website.

What is Guaranteed Credit Approval?

A credit score isn’t the only way to get a new vehicle. We want to ensure you are able to check out a collection of options to find a new vehicle no matter your credit score or credit history. Guaranteed credit approval takes a look at your current financial situation to figure out what type of vehicle or loan is realistic for you and isn't inhibited by your credit score for an approval.

I had a repossession or bankruptcy in the past, am I still able to get a new vehicle?

Having a bankruptcy or losing your vehicle to a repossession in the past will not disqualify you from getting a new vehicle now. Our dealership works closely with a variety of different auto financing sources that will present you with different options for financing on a new car. No matter your situation we will do all that we can to get you a new vehicle at a price that is affordable.

I am upside down on my current vehicle, can I still trade it in?

If you currently owe more than your vehicle is worth, that does not mean you have to wait till it's paid off to trade it in for a newer vehicle. Our friendly team can look at your current vehicle with you and present options to work with your current loan to get you a new vehicle.

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Ruge's Chevrolet 41.79228, -73.65997.