How Does Car Financing Work?


In a position to finally buy one of the new or used cars for sale you’ve had your eye on? You might be asking yourself whether it’s a better move to purchase, lease, or apply for financing. But what does it mean to finance a car, exactly? What is financing a car, even? If you need a better idea of how car finance works, our staff has compiled the following guide to help you learn more.

How Does Financing a Car Work?

Financing a new or used vehicle starts with a loan application through your dealership, a bank, or a credit union. At Mark Porter Chrysler Dodge Jeep Ram in Pomeroy, that application can be started online, or in person at our showroom. All lenders look at the following criteria when your application comes through:

  • Credit Score
  • Loan Amount
  • Length of Loan
  • Debt-to-Income Ratio
  • Age of the Vehicle

If you know your credit score is low, or you don’t have much of a credit history, consider asking a family member or close friend to co-sign.

Friends buying car

Choose Your Lender

Once you’re approved, a few different options for financing will be made available to you. If your dealership provides for in-house financing, you can compare their offer to a bank or credit union, and learn more about what fits your budget and needs the best. Decide on a down payment, and review your monthly payment schedule – making payments on-time is crucial to maintain your credit score and keep your total cost of ownership as low as possible.

Finalize the Loan Terms

Negotiate on price once you know how much you can afford. You and your salesperson can review all the savings programs available to you, or different financing arrangements that can fit your budget, and ultimately arrive at an interest rate that makes sense. Once these arrangements are made, finalizing loan terms and closing will come to fruition. At this point, you’ll sign paperwork, take delivery, and drive home!

Woman holding up car keys in new car

Want to Know More About Car Financing in Gallipolis?

Contact us online to learn more about the auto finance process. Or, stop by our dealership near Parkersburg! Our knowledgeable salespeople, friendly finance experts, and qualified service technicians can help you find a car that meets your needs at a price you can afford.


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308 E. Main St. • Pomeroy, OH 45769

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Mark Porter Chrysler Dodge Jeep Ram

308 E. Main St. Pomeroy, OH

Phone: ​740-524-9161


Phone: 740-444-4197

308 E. Main St. Pomeroy, OH

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308 E. Main St. Pomeroy, OH


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308 E. Main St. Pomeroy, OH

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308 E. Main St. Pomeroy, OH
39.028336 -82.030319
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Mark Porter Chrysler Dodge Jeep Ram
Mark Porter Chrysler Dodge Jeep Ram
308 E. Main St.
Pomeroy, OH, 45769 US
Mark Porter Chrysler Dodge Jeep Ram 39.028336, -82.030319.