The Most Important Finance Terms to Know Before Purchasing a Car in Omaha, NE
If you’ve had an eye set on one of our 2019 Nissan cars, then you’ve officially entered the dreaded car buying process, which takes you from admiration to test drive and all the way down to financing in what would seem like a blink of the eye.
At Woodhouse Place Nissan, we know everything there is to know about car shopping. And our best advice would be to stay patient, and most importantly, get well-versed with common finance terms so you won’t be left in the dark once you need to apply for a loan.
Knowing these finance terms will also help you get a better grasp at how the entire system works, and help you find a budget that will work for the car you love at a price you can afford. Here are just a few common finance terms to learn:
Credit history: An official record that shows your ability to pay back loans in a timely manner, your current debt, and the amount you pay on a monthly basis.
Finance: The act of borrowing money from a bank to secure the car.
Interest rate: Attached to the loan amount and paid off along with the monthly payments, the interest rate is often shown as annual percentage.
Down payment: The amount of money you pay upfront when making a purchase. The larger the down payment, the lower your interest rate has to be.
These common terms are important in understanding the car buying process, so if you need further clarification, feel free to come down to your nearby Nissan dealership to learn more. We look forward to working with you and getting you inside the car of your dreams.