CDJR Finance Center in Carmel, NY


When you're looking to buy your next vehicle in Carmel, NY, you ultimately come across an important question – how are you going to pay for it? Unless you have a significant amount of money put away in savings, you're likely not paying the full price in cash. You, therefore, need to find a way to pay for the car over time. One of the most common solutions is to finance the vehicle. Here at Meadowland of Carmel, we make it easy to finance your next vehicle, ensuring that you have affordable monthly payments on the car you want.

What Does It Mean to Finance a Car?

When you finance a car, you are essentially taking out a loan for the vehicle. Rather than paying for the car up front, you pay it off over time with reasonable monthly payments. To finance a vehicle, you can either take out this loan from a bank, credit union, dealership or some other credit-lending institution.

By taking out an auto loan, you agree to pay back the borrowed amount, with interest, over a certain period of time. For example, you may get an auto loan that lasts for 5 years. Your monthly payments are then determined by the initial loan amount plus interest, divided by the 60 months of payments.

How much interest you need to pay depends on several factors. As you are going through the loan process, the loan provider considers things such as your annual income, credit history and credit score. You are then given an APR rate, which is your interest rate on the loan. The better your income and credit history, the lower APR you'll likely get.

Using a Downpayment

To make financing a vehicle even more affordable, some customers combine it with a downpayment. A downpayment is a cash payment you make at the time of purchase which lowers the amount that you need to borrow. For instance, if you have a downpayment of $2,000 on a $20,000 purchase, your loan amount would then only be $18,000. The lower amount you need to borrow, the more affordable your monthly payments will become.

Using a Trade-in

Similarly, you can also lower your loan amount with a trade-in. A trade-in is like a down payment, except instead of cash you are using the value of your current vehicle. You essentially sell your current car to the dealership and your trade-in's value is subtracted from the loan amount. Trading in your current vehicle is a great way to reduce your loan amount and get rid of your car before buying a new one. If you can combine a trade-in with a down payment, you can significantly lower your loan amount.

Financing vs. Leasing

Your other option besides financing is to lease a vehicle. When you lease a vehicle, you are paying for the loss of value in a vehicle while you drive it. For example, a common lease term is three years. Over that time, the value of your vehicle may drop from $20,000 to $12,000 due to mileage, age, and wear. With a lease, you pay monthly towards that $8,000 drop in value. Since you are only paying for the depreciation in value, your monthly payments are often much more affordable than a loan.

However, at the end of the lease, you return the car to the dealership. You must then decide what you want to do for your next vehicle. You could purchase the leased vehicle, taking out a loan to pay for the rest of the value, lease another vehicle, or finance a different vehicle.

This is where the biggest difference between financing and leasing lies. With financing, you'll eventually pay off the loan and own the vehicle. When this time arrives, you won't have any more monthly payments. With a lease, you have to decide what to do afterward, which typically includes another payment. So while the lease's monthly payment may be less, you could end up paying more in the long term.

Of course, this all varies from vehicle to vehicle. To determine whether leasing or financing is right for you, contact our financing department today. We can answer any questions you may have and help you decide which method is best for your financial situation.

Benefits of Financing Through Meadowland of Carmel

If you decide you want to finance your next vehicle, look no further than the finance department at Meadowland of Carmel. There are several benefits when you choose to finance through us. First, we make the financing process simple and fast. You don't have to go shopping around at different financial institutions, seeing what loan rates they are willing to offer you. You can do everything right from our finance center on the same day you're shopping for your vehicle.

In addition, we offer excellent interest rates. Regardless of your credit score or financial history, we can help you find a loan rate that you can afford. We'll work with you to find a payment plan that fits into your budget so that you can get the car you want when you need it.

Finally, if you have a trade-in you want to use, we make that simple as well. We'll quickly determine the value of your vehicle and let you know how it would impact your new car loan. Between finding a new vehicle, financing it, and trading in your old one, we take care of the entire process in one location, saving you a lot of time.

Get Started Today

If you're in the market for a Chrysler, Dodge, Jeep or Ram vehicle in the Carmel, NY area, let Meadowland of Carmel assist you. You can easily browse through our current inventory online and see what we have to offer. Once you see something you like, contact us today to schedule a time to visit our dealership. Our finance department will then help you with the rest of the process of buying your new vehicle, whether you're looking to finance or lease your next vehicle. Customer service is our top priority and we aim to do everything we can to make your car buying experience an enjoyable one.


Meadowland of Carmel is located at: 1952 US-6 • Carmel, NY 10512
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Contact Us

(877) 471-3872

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1952 US-6 • Carmel, NY 10512

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Today's Hours:

Open Today! Sales: 9am-6pm

Open Today! Service: 7am-3:30pm

Open Today! Parts: 7am-3:30pm

Meadowland of Carmel 41.4125412, -73.6640112.