Congratulations, you’ve just signed an auto loan contract, and are now financing a RAM truck near Memphis. You’ve done all the research and priced out your options to come up with a loan you understand and are comfortable with. You now get to enjoy your new vehicle, but that doesn’t mean you get to forget about this contract.
There are some important items to keep in mind after you’ve finished the financing process on buying a new car or truck. There are rules that go into an auto loan contract and you need to follow them or you could end up paying extra fees or even losing your vehicle.
Stay on Track
The first thing you want to make sure you do is put the copy of your credit contract in a safe place where you can access it. Make sure all the terms are filled in with all the necessary signatures before you drive off the lot so you know everything is finalized. Don’t allow them to send the papers to you later because they could get lost or misplaced, which means you’d have to start all over again.
Next, make sure you understand how financing a new Jeep near Memphis works. Yes, it is your vehicle, but technically the lender has a lien on it until the loan is paid off. This means if you don’t pay, they can repossess your ride.
That leads us to the most important thing you need to do after financing a new car or truck—paying on time. You have to check your credit contract, but if you’re late on your payments, then you could be subject to additional fees, repossession, and negative entries to your credit score. Those are all things you want to avoid if you can. If you know you’re having financial problems, you can reach out to your lender to let them know because some will negotiate a delay in payment or revised schedule.
Contact Mid South Auto Loans if you’re ready to lease or finance a new car. To get started, please call us today at (901) 316-3434.