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3640 East M-21
Directions Corunna, MI 48817

  • Sales: (888) 452-1896
  • Service: (866) 938-1350
  • Parts: (866) 938-1363
Info

Common Finance Terms

  

Financing a vehicle can be hard enough without all of the confusing terms and ideas. Especially if you are a young driver, one may struggle with all of the details that make up vehicle financing. To help you out, here are some quick definitions of major finance terms:

 

  • Annual Percentage Rate (APR):  Also known as the interest rate, this yearly rate determines the amount of cost added onto your loan amount at the end of a year.
  • Asset:​ This refers to anything an individual owns that is worth money, like their home or their car, contributing to your credibility.
  • Blue Book: This is a term people use to refer to "Kelley Blue Book," which is the most trusted online guide for current automobile prices and reviews.
  • Current Liabilities: Current liabilities include any debts that you are dealing with presently, which could cause you to miss a payment.
  • Dealer Incentives:​ This refers to the many programs and deals that a manufacturer may be able to offer to save you money.
  • Down Payment:​ This refers to the initial amount of cash you "put down" on a loan, with the rest of your financing determined by the remaining balance.
  • Manufacturer's Suggested Retailed Price (MSRP):​ This refers to the amount of money that a manufacturer would charge for a vehicle, though dealerships typically offer their cars for less than this amount.
  • Vehicle Identification Number (VIN):​ Each vehicle has a unique VIN, which makes it easy for you or a dealership to track a vehicle's history.

 

If you still have any questions on common finance ideas, or if you would like to meet with someone in our finance department, stop by or give us a call anytime at Slingerland Chrysler Dodge Jeep Ram. We would be happy to clear up the confusion and maybe even set you up on a test drive!

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