Volkswagen Financing FAQs

December 22nd, 2023 by Speedcraft Volkswagen

For many car shoppers, financing a vehicle can be a stressful process. At Speedcraft VW, we understand how overwhelming it can be and we’re here to help. We’ve compiled a list of frequently asked questions about Volkswagen financing to provide you with all the information you need to make an informed decision. Whether you’re a first-time buyer or an experienced car owner, we hope this guide can help answer any questions you have about financing your new Volkswagen.

What financing options are available for Volkswagen vehicles?

At Speedcraft VW, we offer a variety of financing options to help you get behind the wheel of your dream Volkswagen. From traditional financing with a fixed interest rate to leasing options, we have it all. We also offer special financing options for recent college graduates and members of the military. Our finance team can work with you to find the best financing option that fits your specific needs.

What is APR and how does it affect my monthly payments?

APR, or annual percentage rate, is the rate at which interest is charged on your car loan. It’s important to understand that a higher APR will result in higher monthly payments. However, a longer loan term will result in lower monthly payments but will also result in paying more interest over the life of the loan. Our finance team can help you determine the best loan term and interest rate for your situation.

Do I need a co-signer to finance a Volkswagen?

If you have good credit, you may not need a co-signer. However, if you have limited credit or poor credit, a co-signer can help increase your chances of approval and may result in a lower interest rate. A co-signer must have good credit and agree to take on the responsibility of repaying the loan if you are unable to.

Can I trade in my current vehicle as a down payment?

Yes, trading in your current vehicle can be used as a down payment to reduce the amount you need to finance. It’s important to have an estimated value of your vehicle to determine its worth. Our dealership offers online trade-in appraisal tools to help you estimate your vehicle’s value.

When do I make my first payment on a Volkswagen loan?

Your first payment on a Volkswagen loan is usually due one month after the loan has been finalized. However, some financing options may offer a deferred payment option, allowing you to delay your first payment for a certain period of time. Our finance team can review all of your payment options with you to determine what works best for your budget.

Are there any additional fees or charges when financing a Volkswagen?

There may be some additional fees and charges associated with financing a Volkswagen, such as taxes, registration fees, and documentation fees. Our finance team will go over all of these potential costs with you to ensure that you have a complete understanding of the total cost of your vehicle purchase.

Can I pay off my Volkswagen loan early?

Yes, you can pay off your Volkswagen loan ahead of schedule. This can help save you money on interest in the long run. However, it’s important to check with your lender for any prepayment penalties or fees that may apply.

What happens if I miss a payment on my Volkswagen loan?

If you miss a payment on your Volkswagen loan, there may be a late fee applied to your account. It’s important to communicate with your lender if you are having financial difficulties so they can work with you on a solution. Missing payments or defaulting on your loan can have negative impacts on your credit score and potentially result in repossession of the vehicle. Our finance team is here to support you and help find solutions if needed.