At Van Horn Budget Auto, we want our customers to understand everything included in their financing or leasing agreement. In an effort to achieve that goal, our used car dealership in Plymouth, WI hosts a knowledgeable finance team with years of experience that is happy to assist with the process from start to finish. They’re also available to address any questions or concerns. To help you get familiar with used car financing, we put together a quick reference guide of common financing terms you’re likely to come across.
Credit Score: Your credit score is a number that represents your credit history and pay-back behavior. The higher your score, the better chance you have to be approved for a loan.
Financing: The process in which you borrow money from a bank or financial institution to pay for a vehicle. Financing allows you to purchase a car, even if you can’t pay the full amount in cash.
Interest rate: The percentage you’ll accrue on your loan. It’s essentially what you pay annually to the lender in order to borrow money from them.
Lease: A car lease is an agreement under which you temporarily “rent” a vehicle and make monthly installments. At the end of the term, you return the car to our dealership near Manitowoc, WI or you have the option to purchase it at that point.
Loan: If you’re buying one of our used cars for sale and don’t pay the full price upfront, you’ll take out a loan and make monthly payments. The difference between a loan and a lease is that with a loan, you’re paying off the car that you will own in the end.
Term: The length of the lease or loan agreement you entered into.
At Van Horn Budget Auto, we’ll work with you one-on-one to ensure a streamlined and comfortable financing process from start to finish. Before even visiting our dealership, you can use our website’s integrated tools to get a feel for what you can expect. We offer an online credit approval tool and a monthly payment calculator.
Get in touch with our used car dealers in Plymouth today to find your next great pre-owned vehicle! To get the financing process started, or to learn more about financing in general, get in touch with us at Van Horn Budget Auto. We’re located at N5908 Willow Rd.