Denver Kia Leases and Car Loans
The Larry H. Miller Kia lease and car loan team is here to help you through the process of attaining an affordable auto loan or lease. Our experts will provide you with a great low rate on your new or used car loan in the Denver area.
At Larry H. Miller Kia Lakewood we care about helping you have the best vehicle purchasing experience possible. We want you to be an informed consumer to make the best choices about purchasing and financing a vehicle.
The following is some essential information to know about vehicle financing that we hope will help to enhance your vehicle purchase and financing experience with us.
1. Know your credit worthiness -- it may affect your cost of credit
Creditors generally use the same kinds of objective measures of creditworthiness. The better your credit report and score, the lower the interest rate you may obtain
- Most creditors emphasize your credit payment history as shown in
a credit report and credit score from a credit bureau, such as Experian
(888-397-3742 or www.experian.com), Equifax (800-685-1111 or www.credit.equifax.com) or TransUnion (800-888-4213 or www.transunion.com).
- Your credit report shows credit information about your existing
and past debt, the outstanding amounts, monthly payment amount,
and whether you have paid on time, or if you have not repaid debts.
- Your credit report does not include information unrelated to your
credit, such as your race, ethnicity, religion, or medical history.
- Your credit score is a numerical value assigned to information in
your credit report.
- Your credit score can vary by bureau, because not all creditors report to all three credit bureaus.
- You should obtain a copy and read your credit report before you
apply for credit.
- You may be entitled to an annual free credit report. Go to
www.annualcreditreport.com to order your copy from each of the
- You may be entitled to a free credit report under other
circumstances. (For more information, go to the FTC's
website at www.ftc.gov.)
- You may also purchase your credit score for a reasonable fee.
- If your credit report contains errors, you have the right to get
them corrected free of charge by the credit bureau.
- You may be turned down for credit or pay a higher interest rate if your credit report reflects negative information such as a repossession, bankruptcy or history of slow payments.
2. Improving your credit worthiness
Take an active role to manage your credit score as you would any financial matter. Your credit score can be improved by developing long-term habits that include:
- Pay your bills on time, every time. Credit scoring models reward
- Don't apply for credit you don't need. Scoring
systems often view numerous loan applications or unused lines of
credit as signs that you are overextended or could become overextended.
- Make sure your credit report is accurate. Check your credit report
at least once a year and have any errors corrected immediately.
- Contact the credit bureaus for more ideas on ways to improve your creditworthiness.
3. Consider other factors that may determine your cost of credit
- If the vehicle you are purchasing secures your loan or retail
installment contract, your cost of credit may vary based on the amount
financed, the amount of your down payment, whether the vehicle is new
or used, and the vehicle model.
- Your income, down payment and debt to income ratio may also
affect the interest rate you obtain.
- The total number of payments (term), such as 48 months or 60 months, may also affect your cost of credit. Lower interest rates may be available for shorter repayment periods.
4. Decide how much you want to pay each month
- Consider what monthly payment fits within your budget, based
upon your income and your expected expenses.
- Remember to allow for insurance, taxes, title, registration and vehicle maintenance costs when estimating the costs of ownership.
5. Do your homework
- You may finance your vehicle by entering into a retail installment
contract with us or you may seek a loan directly from a
bank, credit union or other source. It's your choice.
- Understand how retail financing generally works -- by reviewing this brochure or material from other sources.
- Find out what interest rates are currently available. Different
creditors may offer credit at different rates and terms. Creditors usually
offer their best interest rates to applicants with the best creditworthiness,
with higher rates for less creditworthy applicants.
- Understand your cost of credit. It is measured in two ways:
(1) The Annual Percentage Rate, or APR, is the cost of credit on an
annual basis and is based on the interest rate as well as other charges
for the credit. (2) The Finance Charge is how much the credit costs
expressed in a dollar amount.
- Learn about possible special low interest rate programs
(such as 0.0% APR), which may be offered for a particular make or model.
- Sources of information include your Kia dealer, the Internet, newspapers and magazines, the library, your family or friends, and other creditors.
6. Gather items you may need to make a credit application at the dealership
Have the following items available with you to assist in the application process.
- Driver's license for identification purposes.
- Employment and salary information, including paycheck stubs.
- Information about other sources of income, including alimony,
child support or retirement income.
- Information about your bank accounts, credit card accounts and
other debt you may have.
- Personal references with phone numbers and addresses.
- Proof of insurance.
- Sometimes you'll need your prior address information and employment history
At the dealership
1. Understand your options
- We can tell you about the financing sources that the we may use.
- Ask us about current interest rates.
- Ask uswhether there are any manufacturer supported special financing programs available for certain vehicle models.
2. Making and financing your Kia purchase
- We may agree upon the price of the vehicle, the
value of your trade-in, the cost of any extra features, and the APR of your contract.
These terms are negotiable.
- Remember that the total cost of credit will be based on everything
you finance, including taxes, vehicle service contracts, credit insurance,
GAP premiums, and other options you choose.
- The monthly payment should fit your budget, but should not be the
only factor in deciding on credit. Consider all terms of your financing
- Confirm your APR.
- We can help you look at several options if the monthly
payment amount is too high:
- Make a higher down payment to reduce the amount financed
- Choose a different vehicle model
- Reconsider the vehicle accessories or insurance products
- Consider leasing the vehicle rather than purchasing
- Make a higher down payment to reduce the amount financed
- It's up to you to let the us know what features or aspects of the vehicle or financing are important to you. We want you to be satisfied with your purchase and financing. We have access to several credit sources, including some creditors that consumers cannot finance with directly, and may be able to find rates and terms that might be better than you could find on your own.
If you are in the market for a new Kia, or a used car, come visit us at Larry H. Miller Kia, located at 8275 West Colfax Avenue Lakewood, CO. We'll help you get the vehicle you want, at an attractive price.