Federico Financing Information


Finance Your New Vehicle at Our Dodge Dealership near Edwardsville, IL

Life can be unpredictable, and sometimes when the unlikeliest happens, your credit can suffer. At our Ram dealership near Wood River, IL, we understand. That's why our aim is to help every person who walks into our dealership get the financing they need to buy a vehicle that will improve their quality of life. No matter who you are or what your financial situation may be, we will do our very best to help you get a fair lease or loan that you can afford, so you can stop worrying about how you'll get from point A to point B!

Our expert finance staff can't wait to assist you. You can get the process started on your own right now by filling out our online Chrysler financing  form, and someone at our dealership will get back to you as soon as possible to discuss your options and set up an in-person consultation. If you need a car, you're just a small step away from starting down the road to having one. Get in touch with us today!

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Finance FAQ

Q: How do I get a car loan?

A: In order to pay off most of the cost of your vehicle, you will probably need to take out a loan. This can be done through a financial institution like a bank or a credit union, or you can also finance through a dealer. It's recommended that you get preapproved for a loan before negotiations to make the process go faster.

Q: What is a credit score?

A: A credit score is a number that essentially indicates how likely a borrower is to repay a lender if they were to receive a loan. The number ranges from 300 to 850, and the higher the score, the more likely a borrower is to receive a loan.

While it isn't guaranteed lenders will offer a loan to borrowers with high credit scores, the loans they do offer will come with lower interest rates as well. On the other hand, lower credit scores indicate a riskier borrower and, as a result, lenders offer them loans with higher interest rates.

Q: How do I raise my credit score?

A: Raising your credit score takes time but it certainly isn't impossible. A large portion, 35% to be exact, of your credit score is made up of your payment history. By making payments on time, raising your credit score happens naturally. Another 30% of your credit score is determined by how much you owe. By paying down balances, you'll eventually raise your credit score. By having credit, you effect the 15% of your score that comes from the length of credit history. The final 20% of your score comes from new credit and your credit mix.

In order to raise your score, make payments on time, pay down balances, maintain a positive credit history, and avoid opening new credit accounts for no reason.

Q: What do lenders use my credit score for?

A: Lenders use your credit score to determine how much of a risk you are. Lower credit scores won't get offered as many loans and often have higher interest rates.

When applying for a loan, the lender, usually a financial institution, looks over your application then checks your credit score. If everything checks out, they'll offer you a loan. As previously stated, your credit score plays a major role in whether your get a high interest rate or low interest rate.

Q: What is a down payment?

A: The down payment is the amount of money you put towards the total cost of a vehicle upfront. The more money you put down on a car, the less money you will owe, and the smaller your monthly payments will be.

Q: What should I bring to the dealership when buying a car?

A: Make sure you have your driver's license and insurance with you, which you should carry with you anyway. If you're trading in a car, bring its certificate of title and all keys to the vehicle. Additionally, if you've been preapproved for a loan, bring the check with you.


Q: How does leasing work?

A: If you'd like to lease instead of buying, you may also put a down payment on the vehicle, but instead of taking out a loan you will pay off the predicted depreciation in the vehicle's value over the course of the lease term.

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