Understanding Car Financing -The Basics
Understanding car financing can seem intimidating. That’s why Peters Auto Mall has spent 20 years making it easy for Triad car buyers!
Our founders Kevin and Angie Peters started this dealership because they believed a better car buying experience was possible. Our motto, Focused on You, means that we put our customers first, all the time, every time. That includes financing that anyone can understand — and afford!
Key Terms for Understanding Car Financing
This article at Autotrader provides some key helpful terms about car financing. We’ll look at a few of the most important ones here — and how Peters Auto Mall can help!
Financing is how most people in America buy a vehicle. When buying the vehicle, you take out a loan against the car’s value and pay a little back every month. You own the car completely once you pay back the loan.
Interest is a fee that a bank charges to loan money. Usually, your monthly car payments include interest. APR, or annual percentage rate, is another term for the interest. Your credit score will affect the interest rate you’re eligible for.
Nobody’s perfect, and we don’t expect your credit score to be either. Peters Auto Mall’s financial experts will work with you to find a loan at an interest rate you can afford. You want to drive a car you love, and we want you to be able to afford it.
A down payment is the money you pay when you buy the car. The more you can afford, the less you’ll have to pay later as part of a loan.
Some dealerships require large down payments. Just as with interest rates, we work with our customers to find an affordable solution. We believe that everyone should have access to safe, reliable personal transportation. So, we make sure our down payments aren’t more than people can afford.
By now, you might be wondering: if you visited Peters Auto Mall today, how much could we loan you? That’s where the pre-approval process comes in.
Pre-approval allows you to know upfront how much you could be eligible to borrow based on your credit and income. It’s a great way to size up your options as you’re starting your car buying journey.
The best news of all is that Peters can pre-approve you for a loan today! All you have to do is use our easy pre-approval form. The pre-approval process is completely free and won’t affect your credit score.
We want you to know that understanding car financing doesn’t have to be scary or difficult. (For a play-by-play of our customer-focused sales process, check out this blog post from Triad Moms on Main!) Call us at 888-981-7780 to set up an appointment. Or come visit us at 2857 S Main St, High Point, NC! We’re Focused on You and ready to get you into a car you love at a price you can afford.