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Auto Financing

At Checkered Flag Chrysler Dodge Jeep Ram (CDJR), we love to help folks in the Newport News area get behind the wheel of a great car. Our finance team is ready to assist you and be a trusted source for your financing needs. We understand the importance of choosing the right financing option and are here to help. We’ll make the process smooth so you can focus on the road ahead.

Financing Options

Several financing options are available, each with benefits and considerations for interest rates, monthly payments, and ownership.

Auto Loans

A significant advantage of taking out a loan for your new vehicle is not having to wait until you can save enough money for the whole purchase. With a loan, the lender advances you the money for your new car. You typically spread your payments over the next 36-84 months. And regular monthly payments are a great way to boost your credit rating.

While you pay off your loan, you can customize the car. And, unlike with leasing, you don’t have mileage restrictions. You may pay more for your vehicle in the long term because of interest than if you were to purchase it outright. And depending on the interest rate and the car’s price, your monthly payments could be high. But you’ll fully own the vehicle once you pay off the loan. You can drive it for as long as you like, pass it on to your children, or trade it for a new car.


Leasing ensures you aren’t stuck with a car if you want to try something new. Many choose to lease because they can regularly upgrade their vehicles to fit a changing family size or keep up with technological advances. And you don’t have to worry about depreciation.

When you lease a car, you don’t own it. So there are restrictions on what you can do with the vehicle, such as mileage limits. Monthly payments on a vehicle lease are usually less than auto loans. While you don’t pay interest on the lease directly, the interest rates the dealer pays may affect the cost of the lease.


Refinancing an auto loan means modifying the loan terms while making payments toward the vehicle’s purchase. At the end of the loan term, the vehicle belongs to you. Refinancing helps get cash from your car’s equity with a cash-out auto refinance loan. Depending on your needs and credit, refinancing can help you reduce the interest rate, loan term, or monthly payments.

What Are the Benefits of Financing With Checkered Flag CDJR?

Financing with Checkered Flag CDJR gives us many ways to help you. Our competitive interest rates and special financing programs allow you to keep costs down. Our flexible repayment terms ensure you can stay within your budget. We strive to make the process quick and easy. You can even use our online pre-approval form to see what you qualify for before you stop by.

If you have excellent credit, we offer a great new vehicle annual percentage rate and competitive used vehicle rates. We’re also happy to work with you even if your credit isn’t so good. Our partnerships with various lenders let us give you a range of options, so please feel free to call us.

The Application Process

There are a few steps you should follow when you’re ready to finance a new or used vehicle at Checkered Flag CDJR. From the time you walk in until you drive away, we make the process streamlined and efficient.

  1. Figure out your budget: Look at the final price of the vehicles you’re interested in, along with payments and interest, to compare prices. We offer an online monthly payment calculator to help you determine what you can afford.
  2. Check your credit: Review your credit score to understand what terms you qualify for and fix any errors in your credit report.
  3. Compare lenders: Many businesses, including dealerships, banks, and credit unions, offer auto financing.
  4. Decide on your down payment: This is a cash payment you pay upfront when you buy your car.
  5. Apply for pre-approval: You’ll need to submit your name, contact information, and identification numbers, such as your social security number. You’ll also need to provide rent or mortgage payment histories, employment and salary information, and details of the vehicle you’re looking at.
  6. Shop for your perfect vehicle: We offer a great selection of new and used vehicles; please check our online inventory or come see us.
  7. Finalize your financing: Our finance team is ready to make this process as convenient and stress-free as possible. There’s a bit of additional paperwork at this point, including the purchase agreement, title, and registration.

Credit and Financing

A good credit score is helpful when financing a vehicle. The stronger your credit history, the better loan terms you may qualify for. At Checkered Flag CDJR, we work with customers with various credit scores. We’re happy to work with you even if your credit could be better.


How Much Should I Save for a Down Payment?

Preparing a down payment of 10%-20% of the vehicle price is a good idea. The more you pay upfront, the less interest you usually need to pay by the end of the loan, but it’s important to ensure it fits within your budget.

What Factors Influence My Interest Rate?

Several factors determine your interest rate, including the wider economic environment, whether the car is new or used, your credit score, the size of your down payment, the length of your loan term, and the type of lender.

If I Get Pre-Approved, Am I Guaranteed a Loan?

No. Pre-approval doesn’t guarantee your loan. It’s different from being approved for an auto loan. Pre-approval is a great way to get an idea of the types of terms you qualify for, and you can bring your pre-approval to the dealer as a tentative offer.

Are You Ready To Take the Next Step?

At Checkered Flag CDJR, we know the ins and outs of auto financing. We’re always happy to help you explore your options and choose the best one with thoughtful, personalized assistance. We take care of the paperwork, keeping things simple and taking the stress out of the process. Please stop by today, contact us online, or give us a call to get started.

How is your credit?

Whether it is perfect or not so great, we can custom design the right financing package for your next vehicle purchase.

“I never miss a payment!”


“I’ve missed a payment or two.”


Not So Good
“I need to rebuild my credit…”


Dealer Info

Phone Numbers:Sales Hours:
  • Sun12:00 PM - 6:00 PM
  • Mon - Fri9:00 AM - 9:00 PM
  • Sat9:00 AM - 7:00 PM
Service Hours:
  • Mon - Sat7:00 AM - 6:00 PM
  • SunClosed
Parts Hours:
  • Mon - Fri7:00 AM - 6:00 PM
  • Sat7:00 AM - 6:00 PM
  • SunClosed
Checkered Flag CDJR is located at: 12629 Jefferson Ave • Newport News, VA 23602
Checkered Flag CDJR 37.1341278891081, -76.51780300214433.