what does it mean to finance a car?

There isn’t one universal minimum credit score you need to have in order to finance a car.

Each lender sets its own minimum credit scores and weighs factors

Financing a car means taking out a car loan that you repay over time.

It’s generally a good idea to take some time to build your credit before applying for car financing 

When you finance a car, a financial institution lends you the money you need to buy the car

Shopping around and comparing loan offers could save you significant money in interest and fees

Car financing options include banks, credit unions, online lenders, finance companies and some car dealerships.

Financing through a credit union or bank may be less expensive than getting a loan through a dealership

Financing through a credit union or bank may be less expensive than getting a loan through a dealership

You need money to buy a car — but you need a car to get to work so you can earn money to buy one.

Is it a good idea to finance a car?

If you need a set of wheels and don’t have the cash in hand to pay for it, financing may be your only option.

As you consider each loan offer, don’t just focus on your monthly payment. Look at the total cost of financing, too.

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