Car Loans in Mukilteo: What You Need to Know
July 12, 2016
Used car buying has the potential to be an overwhelming experience but if you are prepared in advance, it does not have to be. Knowing what certain financing terms actually mean can really help you during your auto shopping trip. Here are a few things you need to know when looking for car loans in Mukilteo.
- Down Payment – Unless you are able to pay the full price up front, you must give the dealership a percentage of money to initiate the loan. In this situation, more is better, as it lessens your monthly payment. A trade-in vehicle is sometimes considered a down payment.
- Loan term – This is the length of time you will be paying for one of the many vehicles available, including used SUVs for sale. Shorter term = higher monthly payments. Longer term = smaller monthly payment but more interest paid.
- Annual Percentage Rate or APR – The APR is your interest rate and should be the least amount possible.
- Finance charge – The amount of money the dealer charges to administer your loan. It can vary from place to place.
- Extra fees, Penalties – Check your contract carefully to make certain you know exactly what fees you are being charged and why and the penalties that may be levied if you break the contract in some way.
Shop at Fresh Start Approval for quality pre-owned vehicles of every type and price range and affordable car loans in Mukilteo for all credit ratings. For questions about what we offer, call us today at (888)348-3290.