Common Nissan Finance Terms
Before you meet with our Nissan finance center to finalize the financing package for your new or pre-owned vehicle, it helps to understand the terms you’ll be discussing. The more knowledge you have, the less stressed you’ll be about the purchasing or leasing process. Automotive financing can be a little daunting, but Bedford Nissan is here to make it easy by providing definitions to common Nissan finance terms.
Credit Score
A numerical value between 300 and 850 that indicates the health of your current and historical finances. If you pay your bills on time and have little or no outstanding debt, you’ll have a strong score. We’ll be happy to arrange a Nissan finance package regardless of your credit history, so don’t worry if your score is lower than you’d like.
Cosigner
An individual who is legally responsible for the loan should you be unable to make monthly payments. There are a few reasons you might need a cosigner:
- You have a low credit score
- You have little or no credit history
- You have a lot of outstanding debt
We’re happy to answer any questions you might have and help determine whether you’ll need someone to cosign on your auto loan, so just give us a call or stop by our dealership.
Down Payment
The amount you pay for your pre-owned or new Nissan model upfront. While a down payment isn’t usually required for a lease, most people put down between 10% and 20% to purchase a vehicle. The larger your down payment, the lower your monthly loan payments will be.
Interest Rate
A percentage of the loan that is applied to your monthly payments. In most cases, the higher your credit score, the lower your interest rate.
Pre-Approval
Completing your credit check online before you meet in person with our Nissan finance team. Getting pre-approved for financing with our Nissan dealership near Cleveland, OH can help make the entire buying or leasing process quick and easy.
Meet With Our Nissan Finance Experts Near Cleveland, OH
We love helping great people find great vehicles. And we’re dedicated to providing our customers with the knowledge they need to get a financing package that meets their needs. Come by today so our Nissan finance center can help you take home your favorite sedan, SUV, hatchback, or truck!