Auto Finance Terms to Know Before Buying a Car

Buying a new vehicle is a big deal, especially when you need to getting financing to complete the transaction. With the high price of vehicles today, most people do need financing. Our team at Maranello Alfa Romeo want you to be well-informed of how auto financing works and what you need to know. Come talk to us!

Here are some auto financing terms you should know.
• Interest – the amount the bank will charge you for borrowing you money
• Principal – the amount you need to pay for the car before interest is added
• Loan term – the number of months you’ll pay on the loan
• Depreciation – the amount of value your car loses as it ages
• Cash back – the amount of money the dealer will give you back if you buy a vehicle from them

If you’re ready to buy a new car or would just like to know more about auto financing, we can help. Stop at our store in Vaughan, and allow us to finance your next vehicle.

 

 

Categories: Finance
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