During any car search, it can be easy to get stressed out during the process, especially when it comes to financing. Here at Nick Abraham Buick GMC, we are dedicated to making your experience as stress-free as possible while you shop for a new Buick car or GMC truck. Our team in our Elyria, OH finance center is here to help you every step of the way. To get started, it helps to get familiar with some of the most common finance terms.
- Finance: This involves borrowing money from a lender in order to make your car purchase more affordable. You then pay this money back, with some additional fees, over monthly installments.
- Term: This is the amount of time you will spend making payments towards your car loan. Keep in mind that a longer term typically results in a higher interest rate.
- Interest rate: This is the fee that you pay your lender as expressed by a percentage of the price of the car.
- Down payment: Before you begin paying back your loan, you’ll owe the dealership a percentage of the cost of the car upfront, which is called a down payment.
- Rebate: This is a financial incentive to make a purchase, such as offering cash back, delaying the initial payments, or requiring no money down.
- Credit score: This is a number that reflects how well you have managed credit and paid back debt in the past. A higher credit score makes your loan approval easier and generally results in a lower interest rate.
Visit or contact our dealership today to learn more about the financing process or to have any of your questions answered.