Most drivers shopping for a vehicle these days will probably opt for some sort of financing. However, we understand that reading through finance contracts can be confusing for Columbus drivers. At Bob-Boyd Lincoln, Inc., we want to make your purchase experience as stress-free as possible. To help, here are some of the most common auto finance terminology you should know.
First, it's likely you will need to provide a down payment. This is an upfront amount of money that goes toward the cost of your vehicle. The higher this payment, the less you'll owe.
You should also understand that interest is charged as a fee for borrowing money. The amount will depend on factors such as your credit rating, income and past credit history. If you've had issues in your past, you may need someone to co-sign your loan and be responsible for making payments if you should not be able to.