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Financing a vehicle can be a stressful experience, but it doesn’t have to be. Before embarking on your search for your next vehicle, you can check out these frequently asked finance questions to prepare for and be better informed about the vehicle financing process.
What is a down payment?
The down payment is the amount you pay initially when purchasing a vehicle. The higher your down payment is, the lower your monthly payments will be.
What does APR stand for?
APR stands for annual percentage rate. This is the interest that you will pay annually.
What happens when you trade-in your old vehicle?
When purchasing a new vehicle, you can trade-in your old vehicle as well. The dealership will apply the current value of your trade-in to your purchase, which can accordingly reduce the price of your new vehicle.
What is gap insurance?
When you purchase or lease a new vehicle, you can opt to pay for gap insurance. If you total your vehicle at a time when you owe more than your vehicle’s value, gap insurance can help pay the difference between what you owe and your vehicle’s depreciated value.
What is the difference between a lease and a loan?
When you lease a vehicle, you don’t actually own the vehicle. Instead, you simply rent the vehicle from the dealership. As such, you only pay for the depreciation that occurs during your lease term, so your monthly payments are typically lower than the monthly payments you make when loaning.
When you loan a vehicle, you can own the vehicle and can drive it for as many years as you wish. Your monthly payments are usually higher, but you are free to modify the vehicle and drive it as often as you want, unlike with many leased vehicles.
When you’re in the market for your next vehicle, visit us at Hornbeck Chevrolet to view our inventory. Once you find the vehicle you want, our staff is here to help you with financing and make the process as easy as possible.
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