Common Car Finance Terms

One of the most important things you can do before visiting our dealership is knowing the most common finance terms and committing them to memory. They will help you better understand what you’re dealing with when it comes to the auto financing process, especially in terms of securing a loan and the details of paying it back.

 

At Champion Chrysler Jeep Dodge RAM, we work with plenty of people who opt for a loan to buy their next car, truck, or SUV. We also help with other principle factors that affect a buyer financially. If you are looking for a quality dealership with a full staff of friendly financial experts, consider Champion Chrysler serving the greater Los Angeles area.

 

Here are the financial terms we encourage you to review to ensure a streamlined financing process for your next purchase, whether it’s a new Chrysler or a used Jeep Cherokee:

 

Finance: To borrow money from a bank or financial institution so you can gain ownership of a new or pre-owned car, truck, or SUV near Long Beach.

 

Interest rate: Shown as an annual percentage, it represents the interest owed against the total value of the loan and is added to your monthly payment.

 

Equity: A dollar amount value that represents the worth of your vehicle after the loan is paid in full.

 

Term: Typically represented as a length of time, term is the amount of months and/or years you have to pay off the loan.

 

Down payment: To secure the loan and the vehicle, it is the initial payment rendered upfront. Typically, the higher the down payment, the lower your monthly payments are.

 

Credit history: Your reputation as a borrower and how likely you are to repay loans.

 

Our team of financial experts is always eager to help you out with all your finance needs. We’re not only a CA Dodge dealership with many Dodge Challenger models for sale; we’re also part of the community that wants our neighbor to attain the goal of vehicle ownership. Whenever you’re ready, visit us at 9655 Firestone Blvd. Our sales staff hopes to see you soon!