What Finance Terms Mean for Venice, FL Drivers

July 11th, 2020 by

If you’re buying a new car, you’re probably going to need financing. If you’ve never applied for an auto loan before, the process could seem intimidating. That’s why the Buick finance experts here at Starling Buick GMC do their best to make the process simple and stress-free. First, let’s take a closer look at some common finance terms and what they mean for you and your car loan.

Common
Finance Terms

Down payment: This is the first payment that you make for your vehicle. It often accounts for around 20% of your car’s total value.

APR: Your APR is essentially the
interest rate on your loan. The lower your APR, the better. A high
credit score and solid credit history can often help you secure the
best possible rate.

Loan Term: This is how long you
have to pay back the loan on that new
2020 Buick Encore
. Many drivers opt for a five year loan term
these days. A longer term means lower monthly payments, but more
interest paid, while a shorter loan term obviously means the
opposite.

Lease: This is an option if you
don’t want to apply for an auto loan. You place a down payment and
make monthly payments just as you would if you purchased a car.
Generally, the monthly payments are lower than loan payments would
be, but you don’t actually own the car and can trade it in for
something else at the end of your lease term.

Our
Buick Financing Department

Our Buick financing experts make it
easy to apply for a loan online, and we also offer online tools that
can help you see how a new car fits into your budget. We work with
our wide network of lenders to help you find a financing option that
works for you. So if you’re in the market for a new crossover or a
capable truck like the 2020
GMC Canyon
, we’re ready to assist you!

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