If you’re a recent graduate or young professional in the Chicagoland area, choosing a vehicle that is stylish, safe, and filled with premium technology is an exciting milestone. But before you get behind the wheel, it is important that you understand the ins and outs of Volvo financing. A Volvo car makes for an excellent vehicle for young professionals and recent graduates, and when it comes to financing, the team here at Fields Volvo Cars Northfield has some helpful tips to make your purchase a smooth one.
Understand Key Financing Terms
Before you begin your Volvo financing journey, it’s important to know some basic financing terms:
- Down Payment: The initial cash you pay upfront toward the vehicle’s price.
- APR: Annual Percentage Rate, or the interest rate that you pay on the amount that you borrow. This is influenced by your credit history.
- Loan Term: The length of time you have to pay back the loan.
Make a Strong Down Payment
Saving for a large down payment is one of the smartest financial moves you can make when purchasing a new Volvo car. A down payment of around 15 to 20 percent directly reduces the total amount that you need to finance. This results in lower monthly payments and reduces the total amount of interest paid over the life of the loan.
Take Advantage of the Volvo College Graduate Program
The Volvo college graduate program makes it easier for recent college grads with a limited credit history to get behind the wheel of a new Volvo model. Volvo Financial Services offers flexible and competitive financing options for new graduates. Contact the team at Fields Volvo Cars Northfield for more information.
Finance a Volvo Car in Northfield, IL, Near Chicago
Here at Fields Volvo Cars Northfield, our friendly team of finance experts is ready to help young professionals and recent graduates get behind the wheel. Visit us today to get the ball rolling!