Buying or leasing a new vehicle can be a stressful experience – especially if you aren’t familiar with the lingo. But don’t worry; we are here to help.
Here’s a quick glossary of popular finance terms:
- APR – This acronym stands for “Annual Percentage Rate” and refers to the interest rate multiplied by the number of periods in a year.
- Credit – This typically refers to your personal credit score or credit history, which represent your trustworthiness when lending money.
- Down Payment – A large, initial payment paid on a bought vehicle that is taken out of the overall balance.
- Interest Rate – The regular fee taken by a lending institution (such as a bank) for their services while someone is lending money.
- Title – A legal document for a vehicle that tells who owns it. If you’re borrowing money from a bank, your name will not be on it until you pay back the loan.
If you have any questions or for more help, visit us any time at Cumberland Kia.
3 Vehicles have already been added.