A Quick Refresher on Auto Loans
If you need to buy a car and have it financed, it’s helpful to understand some terminology associated with car loans. Jaguar Grand Rapids in Grand Rapids, MI is happy to provide you with some quick information to help you choose the best auto loan for your needs. We’ve helped many of our Grand Rapids customers get the vehicle they want with our auto loan services. We’ll be happy to help you secure financing as well.
The interest rate for a vehicle loan is expressed as an overall amount and as an annual amount called an APR. You’ll hear the length of the loan referred to as its “term,” and the repayment period is typically between 36 and 60 months.
The equity for a vehicle loan refers to the amount that you’ve invested as a down payment or any trade-in allowance that was applied to the purchase. Get in touch with Jaguar Grand Rapids, and we’ll start working on your car loan pre-approval, today.
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