Once you decide to finance your vehicle, you may have questions regarding the process. Our finance experts here at Burns Motors have compiled a list of the most frequently asked questions we receive about car financing. If your question remains unanswered after you read through the list, don't hesitate to email us using the form on the right or call us at 866-464-0966.
What rates do you offer?
Burns Motors works with several financing institutions to bring you competitive rates and terms on vehicle financing. Our dealership offers flexible rates, terms, and payments so that you can obtain the loan or lease that fits you best.
The rate in your individual financing package is influenced by a number of factors including your credit history, the term of your loan or lease, the amount financed, and the residual value of the vehicle you lease. Financing through our dealership lets you enjoy a quick, competitive, and straightforward way of getting your new vehicle.
Do I need a co-signer to get approved for a car loan?
Not necessarily. If your application requires a co-signer, we will inform you during your application process.
How do I make my down payment?
You can use a money order, bank check or cashier's check (made out to Burns Motors), or cash.
Can I finance taxes, registration, and service contracts in the amount that I finance or lease?
Absolutely. If you are interested in one of our products and would like to include its cost in your finance option, just ask one of our finance representatives to arrange that for you.
What is a car loan?
A car loan is a specific amount of money that you borrow from a lending institution in order to purchase a vehicle. You then make a commitment to make monthly payments for a specific period of time (called a "term") until the full amount borrowed is repaid.
How does a car loan work?
The amount that you borrow and the remaining balance during the life of the car loan are referred to as the principal. The principal can be paid off at any time prior to maturity, but as long as it is outstanding the lending institution can charge a prearranged interest rate that is included in your monthly payment. Until the principal is paid in full, the lending institution retains the title to the vehicle as security on the loan. When the principal is paid, the title is returned to you, and the vehicle is yours.