Financing
When buying a car, you typically have 3 options: paying cash, getting a loan, and leasing.
Besides being the simplest & fastest way to pay for a car, paying cash gives you the best financing terms you will ever get. With cash, you avoid paying the interest payments that you must pay on a loan or lease; whereas loans are an agreement to lend money for the right to charge an interest rate on that money as it is paid back. Leasing is essentially a long-term rental agreement in which you pay for the right to use a car, however at Novel Vehicle Sales, we don't currently offer any lease options, since you will continually pay money to use a vehicle but will never own it under that plan. Then, at the end of the lease term, you have the right to purchase the car for the residual price determined at the beginning of the lease agreement- you will typically pay much more for the vehicle using this option, since you paid to "borrow" it during the initial term & finally, still must purchase it with cash or credit for its predetermined value at the conclusion of the lease.
Completely unique at Novel, (as far as we know), we also offer buy here, pay here financing WITHOUT ANY INTEREST for qualified buyers! We charge a financing fee (typically 10%) based upon the amount financed, but as long as you maintain good payment of the loan, there is never any interest or additional charges.
No matter what option you choose, we'll help you drive off the lot in the car you want. Whether you have great credit, bad credit, or no credit, we have a financing option for you.
Besides being the simplest & fastest way to pay for a car, paying cash gives you the best financing terms you will ever get. With cash, you avoid paying the interest payments that you must pay on a loan or lease; whereas loans are an agreement to lend money for the right to charge an interest rate on that money as it is paid back. Leasing is essentially a long-term rental agreement in which you pay for the right to use a car, however at Novel Vehicle Sales, we don't currently offer any lease options, since you will continually pay money to use a vehicle but will never own it under that plan. Then, at the end of the lease term, you have the right to purchase the car for the residual price determined at the beginning of the lease agreement- you will typically pay much more for the vehicle using this option, since you paid to "borrow" it during the initial term & finally, still must purchase it with cash or credit for its predetermined value at the conclusion of the lease.
Completely unique at Novel, (as far as we know), we also offer buy here, pay here financing WITHOUT ANY INTEREST for qualified buyers! We charge a financing fee (typically 10%) based upon the amount financed, but as long as you maintain good payment of the loan, there is never any interest or additional charges.
No matter what option you choose, we'll help you drive off the lot in the car you want. Whether you have great credit, bad credit, or no credit, we have a financing option for you.
