FAQs About Financing

FAQs about Subaru financing: We can help you love even the financing part

At Byers Airport Subaru in Columbus, OH - right near the airport - we know many great buyers find it's fun choosing a new or pre-owned Subaru, but the financing part can seem a bit mysterious. It can also feel intimidating. The congenial, knowledgeable experts in our Subaru finance center aren't just smart about how to pay for a car. They're also smart about keeping their explanations simple. Here are some FAQs you might find helpful.

Why is financing with a car loan a good option?

If you don't have the full price of a new car just sitting in the bank, a car loan is a good way to pay for the new or pre-owned Subaru you've been wanting. The right car loan can boil down the costs to an affordable monthly payment that fits your budget. When you make your monthly loan payments consistently on time, you're helping to build your credit score. That can lower your future interest rates and make larger purchases more affordable. 

What if I don't have good credit? 

When you deal with us at Byers Airport Subaru, that's not a problem. We offer Guaranteed Financing for our valued customers in nearby communities like Westerville, Gahanna, OH and your community. We're committed to helping every customer get the financing they need. In fact, we can help you succeed in getting a car loan even if you have something less than perfect credit.

What would my monthly car loan payments be like?

Your monthly payment amount will depend on (a) the amount of your loan (b) your interest rate and (c) the length of your loan. For example, if you borrow $30,000 at 3% for 60 months (or five years), you'd pay about $539 a month. If you put another $5,000 down and borrow just $25,000, with all the other variables the same, your monthly payment would drop almost $100 to $449. Look for a payment calculator online.

What are some good ways to lower my monthly loan payments?

A common way people in Pickerington or New Albany OH lower their payments is by putting more money down and borrowing less. You can also stretch out the length of your loan: The longer the term of your loan, the lower your payment. While 36-month loans used to be common, today's loans can be 60 months or more. We can help you get a longer loan term, but in general, we recommend a shorter loan period to pay off your loan faster. 

How do car loan interest rates work?

Car loan interest rates are "simple" interest, not compound interest so it's a flat percent of what you borrow. With compound interest, you'd actually pay interest on the interest over time, so you end up paying a lot more. Your interest rate depends partly on your credit score: The better your score, the lower your interest rate. If you pay 4% interest on a $25,000 loan for 60 months, your monthly payment is $460. At 3% interest, it drops to $449.

What are some "money down" options that help lower my costs?

One way to reduce your financing costs: Put more cash down to reduce the amount of your loan. Another option is to trade-in your current car. That can knock thousands off the price of the car you're buying, lower the amount of your loan and reduce your monthly payments. Another way to pay less: Look for the "New Subaru specials" on our website. Talk to us soon at Byers Airport Subaru about how to finance your next car for less.   

Byers Airport Subaru

401 N. Hamilton Road
Directions Columbus, OH 43213

  • Sales: 1-844-851-8814
  • Service: 1-844-349-8406
  • Parts: 1-844-231-6218

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