Financing 101 at Summit GM

Buying a new (or even a new-to-you) automobile is a thrilling experience. There are few things that beat the rush of taking home a new automobile, but our team of GMC dealers understand that figuring out the financing for your perfect car is the part of the process that can be something of a headache. Thanks to our skilled and knowledgeable financing department here at Summit GM, however, a lot of that stress is a thing of the past. Even with their expertise, following these few tips will help you make the most of your automotive financing this spring and summer:

Understand interest. It’s important to remember that financial institutions charge you interest when they loan you money, so according to the rules of math, that means the faster you pay off your automobile, the less interest you’ll pay over the life of the loan. Some lenders, though, have rules about paying off a loan early. Check with our finance department before committing to make sure you know whether you’ll beat the payment schedule or not!

Consider the term of your loan. Plenty of that can be avoided if you just know about how much you can afford each month. The more you can afford, the shorter your loan can be, and again, shorter loans mean less interest and a lower overall cost.

Don’t forget the co-sign option! If your credit isn’t the greatest or if you don’t have any credit at all, think about the possibility of bringing in a co-signer to help you build or better your credit and get a more desirable APR.

When it comes to new or used cars in Fort McMurray, AB, we have plenty of great ones here at Summit GM, and lucky for all of you, our great finance department will help you get it home on a payment plan that makes sense for you.


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