What Auto Finance Terms Mean
At Kearny Mesa INFINITI, making the lives of our customers easy is our number one goal. It should be fun and exciting to select and get behind the wheel of the new INFINITI car near San Diego, CA that is perfect for you. That’s why we’re always happy to answer your questions and explain every aspect of financing clearly. Our experts are here to help you through the financing process.
So what are some of the terms you need to know to understand the vehicle financing process? Let’s start with the down payment. That is simply the amount of money paid up front when you take the car home, which reduces the amount of money you need to borrow. The annual percentage rate, commonly referred to as APR, is the percentage the lender charges for the use of the loan over the course of a year.
Equity refers to the gap between what you owe and what your car is worth. As you pay off your car, you build equity. Trading in is a great way to lessen the amount you need to borrow. A trade-in is just your old car, which you bring us and trade as partial payment for your new INFINITI Q50 or INFINITI QX70.
If you still have more questions about financing terms or the whole process, the experts at our INFINITI finance center would be happy to explain in more detail and lay out all your financing options. We offer competitive financing rates on our diverse selection of luxury vehicles. If you’re feeling ready to begin, you can go ahead and fill out our online finance application. If you would like to get a better idea of what your monthly payments will be, check out the handy payment calculator on our website. You can even value your trade if you’re interested in trading in your old car.
Financing a new car can be intimidating, but it doesn’t have to be if you have a friendly and knowledgeable financing team by your side, like the experts we have at our INFINITI dealership in San Diego, CA. You can find us at 4670 Convoy St, where we look forward to seeing you soon!