What Finance Terms Mean
At Bedford Nissan, we know that financing can be an overwhelming subject. But don’t worry! With the help of our finance professionals, discussing financing becomes straight-forward and stress-free. Our team is dedicated to helping you with all of your Nissan car needs, from finding great new Nissan specials to walking you through your financing agreement. We want to ensure that your experience at our dealership exceeds your highest expectations. That said, below are some helpful financing terms that will be helpful to know when you start to the process.
Finance: To finance basically means you provide funding for something. If you wish to finance your car purchase, you are borrowing money from a bank or financial institution. Over time, you make payments to repay the total financing amount.
Interest Rate: There will be a fee any time you borrow money from a bank or financial institution. The interest rate is that fee expressed as a percentage. Usually, the higher your credit score, the lower your interest rate.
Credit Score: A number lenders use to determine the creditworthiness of an individual. Normally, the higher your credit score, the more favorable financing options will be.
Trade-In: This is when you exchange an older vehicle and put its value toward a new model. A trade-in can help you cut down on the cost of your new purchase or lease agreement.
Equity: The difference between what you owe and what the car is worth. As you pay off your loan, you build equity.
Depreciation: A reduction in the value of an asset over time. If you bought a brand new vehicle this year, in a few years it may only be worth a certain percentage of the original purchase value.
If you have any questions, our Nissan dealership in Bedford, OH is ready to help. Our friendly team has extensive experience ensuring that our customers get the right finance program at competitive rates. We offer many helpful tools on our website, including a tool to value your trade-in and a tool to help you estimate your monthly payment amounts. You can even fill out a finance application via our secure portal.
Ready to get started? Stop by your Nissan dealer serving Solon, OH, and our team will help you with all of your Nissan car needs. Whether you are researching your next family vehicle, such as the Nissan Rogue, or have questions about interest rates, you can always expect personalized and friendly service. We hope to see you soon!