Quick Guide To Auto Finance Terms

We at Crystal Lincoln always want you to make an informed purchase, and knowing the terms you might encounter can help. Take a look at this quick and simple guide to some of the terms used in auto financing.
  • APR - annual percentage rate, which is the interest you pay over a year on the loan
  • Book value - this is the answer to what your car is worth and usually decided through Kelley Blue Book or the National Automobile Dealers Association
  • Down payment - the amount that you can put down on a purchase to reduce the loan amount
  • Equity - the amount of your car that you own, i.e. what you have paid off
  • Negative equity - when you owe more on your car than what it's worth
Come to our Crystal River location and see what kind of financing is available for your new car.

 

 

Categories: Finance