If you have never financed a luxury vehicle before, it may seem complicated. The Jaguar financing process, however, can be pretty simple. Learn how to get started and the steps throughout with the experts at Jaguar Northfield.
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Step 1: Get Your Down Payment in Order
The first thing you'll want to do is determine how much money you have right now that you can spend on your new Jaguar car. The more you can supply immediately, the less you will need to borrow from a lender. It's possible that your older vehicle still has a lot of value, and you can use this towards your down payment. You should aim for 20 percent
 of the total price.
Step 2: Figure Out Your Monthly Payments
How much can you spend on your car every month? Perhaps it's better to consider how much you should spend. Because you don't want to overextend yourself, it's a smart idea not to go over 10 percent of your income for your pre-owned Jaguar vehicle. It's important to remember, however, that this doesn't just include the monthly payment, as gas, maintenance, and other expenses also need to be taken into consideration.
Step 3: Pick the Right Loan Term
Now it's time to think about the length you want for your loan. A short-term loan allows you to pay back the money faster while reducing the number of interest payments, but this also raises your monthly costs. A long-term loan shrinks the monthly payments, but it does mean you will pay more in interest. This is why it's worth considering one somewhere in the middle, such as four or five years.
Step 4: Get the Jaguar Financing Process Started in Northfield, IL
The final step is to get the ball rolling by getting pre-approved for financing. While you're welcome to come down to our Northfield, IL Jaguar dealership, you don't have to do that yet. With our online application, you get quickly and easily get pre-approved for your loan. Just fill it out and someone from our financing department will contact you to let you know how to proceed.
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