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
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.
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.
Liabilities: Current liabilities include any debts that you are dealing
with presently, which could cause you to miss a payment.
Incentives: This refers to the many programs and deals that a manufacturer
may be able to offer to save you money.
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.
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.
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!