Welcome to our finance center: We make financing simple, stress-free and affordable

Getting your next car, truck or SUV financed doesn't have to be a complicated, intimidating process. The specialists in our finance center are good at explaining your financing options in easy-to-understand language. We can explain the key differences between getting a loan and getting a lease. We can tell you ways to lower your monthly payments or pay your loan off faster. Here are some financing fundamentals that are good to know.

Is it true that financing refers only to getting a loan?

No. Some people think the word "financing" is only about car loans, but "financing" covers the two main ways you can pay for a vehicle: You can finance a car with a loan or a lease. The least expensive way to buy a car is with cash because it avoids the extra costs of a loan or a lease, but not many people can afford to pay cash for a car. Financing with a loan is the next-best approach while financing with a lease gives you lower payments.

What are some benefits of financing with a car loan?

When you get a car loan and you make your monthly payments on time, it's a very good way to raise your credit score. It shows lenders that you're keeping your promise to pay back the loan. With every monthly payment, you're building cash value, or "equity" in the car you're buying. That's like a savings account worth real money that has your name on it. You can someday use that cash value to help pay for the next vehicle you buy.

What are some challenges with getting a loan?

A car loan requires a cash down payment up front that typically amounts to 20% of the price of the car. In addition, the monthly payments with a car loan will be higher than monthly lease payments. The good news is that a loan lets you build up a share of ownership in the car, something you can't get with a lease. Make all your car loan payments and you will eventually own that vehicle. That's something else you can't get with the lease.

Why do some people prefer to finance with a lease?

The main advantage of a lease is that it requires less money out of your pocket. The lease down payment, or "amount due at signing," is lower than the down payment for a car loan on the same vehicle. Monthly lease payments will nearly always be lower than monthly loan payments. So if you're trying to maximize monthly cash flow, a lease can help you do that. Some people lease because it's an easy way to get a new car every few years.

What are some downsides with a lease?

A car lease is like renting. You're paying for the right to drive a vehicle for a specific time: usually 36 months. But you aren't building any cash value in the car you're leasing. When you're done with the lease, you don't have any cash to show for it and if you want a new lease, you start all over. A lease puts a limit on the number of miles you can drive each year and you have to pay for any excess damage or wear-and-tear at the end of your lease.

We have the flexible credit options you're looking for

Whether you live in Little Falls or Crosby MN, whether you're buying a new or used vehicle, we can make the whole financing process easier. We'll make sure you understand what you're paying for, how much it costs and how long your payments will last. When you want to take the stress and complexity out of financing a car, talk to us in the finance center at Atwater Chevrolet GMC, just minutes from McGregor in Aitkin MN.

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Atwater Chevrolet GMC

702 2nd St NE
Directions Aitkin, MN 56431

  • Contact: (218) 670-5154


  • Monday 8:30 am - 7:00 pm
  • Tuesday 8:30 am - 7:00 pm
  • Wednesday 8:30 am - 7:00 pm
  • Thursday 8:30 am - 7:00 pm
  • Friday 8:30 am - 7:00 pm
  • Saturday 8:30 am - 3:00 pm
  • Sunday Closed