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Financing

Quick Guide

Financing Quick Guide

Detailed Guide

We have found that direct financing from the financial institution to the customer will give the lowest rate as opposed to having a middle man (us or other dealers providing indirect dealer financing). Therefore we recommend the following:

  1. Come see the vehicle and take it on a test drive. If you want to proceed we will give you a non-binding no deposit purchase agreement.
    1. This purchase agreement will show the sales price and the details of the vehicle. It will not include sales tax for Rhode Island or Connecticut residents. It will include sales tax for Massachusetts residents, as we are required to collect it from MA residents. For other states see our sales tax page. It is important to consider sales tax when determining how much to finance.
  2. If you are a AAA member and you are purchasing the vehicle personally (opposed to for your business) fill out their loan application and they will source a loan from a credit union that works for you the best.
    1. https://autoloans.northeast.aaa.com/apply

      2. AAA Vehicle Loan Application Page
  3. If you are not a AAA member or looking to buy for your business, look at the rate page on the website of your financial institution. The lowest rates we typically see come from Digital Federal Credit Union. Navigant Credit Union is convenient for RI customers. See our full list and guide to local Credit Unions to evaluate all your options. If you are not a credit union member you will need to join but that can be done after applying (easily). On the other hand, all major banks also offer auto loans without need for memberships.
    1. https://www.dcu.org/borrow/vehicle-loans/auto-loans.html
      DCU Vehicle Loan Application Page
    2. https://navigantcu.org/personal/rates
      Navigant Vehicle Loan Application Page
  4. Decide who you want to use. If you are indecisive you can apply to more than one bank or credit union and it should only count once to the credit bureaus as they see you shopping around for options.
  5. The financial institution will give you a check that will be made out to “Mongeon’s Auto”. Bring this check to us and we will proceed with the sales paperwork and fill the vehicle title out with your lienholder’s information.
  6. When you register the vehicle a new title will be issued and will be mailed to the lienholder. Once that lien is paid off you will receive the title with the lien released.