A Few Auto Financing Terms You Should Know

If you are like most people, you probably do not have enough money to make a lump sum payment to pay for a vehicle in full. Financing allows you to purchase a vehicle with little or no money down. Here are a few financing terms that you should know.

Credit Score – This is a three-digit number that represents how well you pay your debts. You will receive a lower interest rate if you have a high credit score.

Interest rate – This represents how much you are paying to borrow money.

Annual Percentage Rate – The APR represents the amount of interest you are paying throughout the year.

Term – This is the amount of time you must pay back the loan. This will generally be around five years.

A representative in our financing department at Valenti Used Car Super Store in Mystic, CT will explain the details of your financing agreement when you purchase one of our vehicles.

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