Auto Financing in Plymouth Meeting, PA

Are you in the market for your first Subaru or seeking to upgrade? If so, look no further. Our dealership stocks a vast selection of new and used Subaru vehicles to meet the diverse needs of our clients. Whether you're looking for a family SUV or a truck, you can count on us to deliver. But that's not all; you can now get quick-approval loans from our finance department to facilitate your purchase. Learn about our auto financing options and how to leverage them toward your Subaru purchase.

Payment Calculator Finance Application Trade-Up Advantage

Overview of Financing Process

Auto financing offers a convenient way to purchase your Subaru vehicle. It allows you to acquire your car immediately and pay for it over a specific duration, usually with interest.

Different Financing Options

One of the most important decisions when considering auto financing is selecting the best option for your budget and requirements. The two main options offered by car dealerships are auto loans and leases. With an auto loan from a dealership or a bank, the lender owns the vehicle until you fully pay off the loan and accompanying interest. On the other hand, a lease is similar to long-term renting; you pay for the use of the vehicle for a set duration without gaining ownership at the end of the lease.

Benefits of Financing Through a Dealership

While bank auto loans are the most common route for most people, financing your Subaru purchase via a dealership offers plenty of benefits. For instance, you'll likely enjoy better rates and favorable payment plans tailored to your unique needs. Dealership financing also allows you to purchase and finance your vehicle under one roof, making it more convenient.

Importance of Credit Score

Your credit score is one of the most critical factors lenders look for when evaluating your auto loan application. The higher your credit score, the lesser your risk of defaulting on auto loan payments. Consequently, lenders are more likely to extend you favorable interest rates and repayment terms.

Factors That Affect Credit Score

Your credit score is affected by various factors, with some holding more weight than others. One of the most critical factors is your payment history. If you pay your credit cards, bills, and other lines of credit on time, you're likely to see your score rise over time. Conversely, defaulting on payments can cause your credit score to plummet.

Likewise, credit usage influences your credit score. Your credit utilization rate is the ratio between the outstanding balance you owe on installment loans and the total credit limit on all your revolving accounts. A lower credit utilization rate allows you to maintain a high credit score, securing better rates and terms from lenders. On the other hand, maxing out your credit card limits or not paying your balance in full can lower your credit score, resulting in high interest rates on auto loans.

Tips For Improving Your Credit Score

Considering how crucial your credit score is in auto loan pre-qualification, it's worth taking steps to improve yours before applying. One of the easiest ways to better your credit score is to pay your bills on time. If you often forget to make your payments on time, consider setting up auto-pay for recurrent bills such as student loans and mortgages. Also, if you anticipate a missed payment, be upfront with your lender about your situation and explore alternative payment plans.

Another great way to improve your score is to fix any errors in your credit report. Any mistakes, such as inaccurate personal details or account information, can hurt your score. Fortunately, you can dispute these errors and have them removed.

Subaru Financing Programs

We offer various financing programs to help you purchase your Subaru without denting your pockets. For instance, if you own a Subaru vehicle, you can upgrade to a new one for less through the Subaru Trade Up Advantage Program. Alternatively, you can apply for an auto loan with us to finance your Subaru purchase at low or no interest.

Special Offers and Incentives

Our dealership currently offers several financing deals you can leverage for your Subaru purchase. For instance, we offer 0.0% APR financing for up to 72 months on the all-electric 2024 Solterra and 2.9% APR financing for up to 72 months on the 2024 Subaru Outback. If you prefer leasing, you can lease a new 2024 Subaru Solterra for as low as $329 per month with no down payment.

Comparison of Loan vs. Lease

Auto loans and leases come with unique advantages and downsides. For instance, while financing your Subaru purchase through a loan offers fewer restrictions, it's generally more expensive than leasing since you pay the entire purchase price of the vehicle. Leasing might be the way to go if you want to minimize your monthly expenses. This is especially true if you want to enjoy the luxury offered on premium Subaru models. However, you'll be subject to mileage limitations, which may vary depending on the leasing company.

Benefits of Guaranteed Asset Protection Insurance

Guaranteed Asset Protection insurance, also known as gap insurance, covers the difference between the cash value of the insured car and the balance owed on financing if the vehicle sustains damage in an accident. While gap insurance is optional, it's worth considering if you plan to lease or finance a new Subaru since it protects you financially in case of an accident or theft.

Maintenance Plans and Service Contracts

Our dealership offers two maintenance and service plans to protect your Subaru even after the manufacturer's warranty elapses. Our Gold Plus Plan covers a range of vehicle components and systems, including steering, air conditioning, front suspension, and brakes. Meanwhile, our Classic Plus Plan covers all major parts, including engine, transmission, all-wheel drive, and towing.

Finance Your Subaru With John Kennedy Subaru of Plymouth Meeting

Financing a car purchase doesn't need to be a long and grueling process. At our John Kennedy Subaru of Plymouth Meeting dealership, we constantly strive to take the hassle out of the process so you can sit back and enjoy the ride. If you need help financing your next Subaru purchase, our finance department will customize a plan that perfectly suits your needs and budget. Contact us today to get pre-approved for an auto loan.