Fox Honda Auto Finance Terms in Auburn, NY
Purchasing a new car can be an intimidating process if it's your first time doing so. But Fox Honda is here to help. To make the process easier for you, we at Fox Honda in Auburn, NY have made this guide to explain common automotive finance terms.
Credit report
This is a report that shows your credit history. It includes information on all of your credit accounts and their balances, if you've been late making any payments, and if you've declared bankruptcy. It shows your credit score, which determines if you have good or bad credit. This is a tool that lenders use to evaluate the terms and APR of the automotive loan they'll offer you.
Annual percentage rate
Usually abbreviated as APR, this term is the annual rate of interest you will be charged on your loan. It is a good guide to use when comparing auto loan options, as the lower the APR, the less money you will have to pay over the course of the loan.
Term
A term is the length of time that your loan or lease will last. It usually is calculated in months. A typical automotive loan term lasts around 36-48 months, though this amount can vary depending on your financial needs or preferences.
Monthly payment
You will pay a specific amount of money each month toward your car loan or lease. This is referred to as a monthly payment, and it covers the principal and interest.
Trade-in allowance
If you're trading in your old vehicle, the trade-in allowance is the amount of money that will be taken off your new vehicle's purchase price. Think of it as a credit toward your next car.
With these explanations, the car-buying process at Fox Honda will more sense, giving you peace of mind as you purchase your brand-new vehicle from us. If you have more questions about buying a new or used car, feel free to contact us. Our finance experts in Auburn, New York, would be glad to help.
Hours
- Monday 8:30am - 8pm
- Tuesday 8:30am - 8pm
- Wednesday 8:30am - 8pm
- Thursday 8:30am - 8pm
- Friday 8:30am - 8pm
- Saturday 9:00am - 5pm
- Sunday Family Day!
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