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Used Car Financing FAQ
- What You Should Know - from the OBX Outer Banks
and Virginia Beach Chevy Dealer you know - Victory Chevrolet |
Pre-owned or Used Car Financing information in OBX outerbanks - including Virginia Beach, Norfolk, Chesapeake, Suffolk and
Nags Head and Kill Devil Hills.
At Victory we really want our customers to feel comfortable when making a purchasing decision. Understanding your options are key when buying a car. This is never more true than when purchasing a preowned vehicle, where options such as loan length, interest rates, loan conditions, extended warranty, gap insurance and many other things come into play. Some common facts for our customers in the
OBX outer banks and Virginia Beach area are:
1) How long should I finance my preowned vehicle - loan term and length of financing is often conditioned or regulated by the bank or lender. If you are dealing with your credit union often times they will limit the term to 36, 48 or 60 months, depending on age. Used car financing is much different then new car financing. The banks often condition the loan terms based on assessed value of the vehicle, mileage and other factors, such as credit.
2) Why gap insurance - Gap insurance is fundamentally designed to protect you. Gap insurance on new or used cars is an inexpensive way to make sure that if your vehicle is ever in a accident or total loss situation you can be protected from large out of pocket expenses. For example - let us say that you owe $15,000 on a preowned Altima you just purchased. If you were to be involved in an accident and the vehicle was totaled by another drive and fault is to be determined to be theirs, you are now at the mercy of the other driver's insurance. As you can imagine, dealing with another person's insurance company can be quite time consuming. We have heard of many stories where the insurance companies do not pay the full retail value of the car. And if you owe money on the car, one could be left with a deficiency, many times thousands of dollars. Here is where Gap insurance kicks in and for your few hundred dollar expense up front for gap insurance can cover large deficiencies. We've heard of coverages in excess of $10,000. Wow, this kind of insurance is really worth it. Ask your finance manager for more details.
3) Does my used car that I'm buying from you have all the maintenance services performed prior to my arrival ? While we make every effort to take care of all services, sometimes vehicles are traded in and we are not made of aware of all needed services. We thoroughly inspect all vehicles and make sure they pass inspection without question. We take pride in making sure our pre-owned and used cars will serve our customers in Chesapeake, Virginia Beach and Norfolk for many years to come.
We will be adding more information soon but in the meantime, fill out a request or call us up on the phone, we'll be glad to help.
Come see the preowned experts at Victory Nissan Preowned in Great Bridge.
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