Understand the Process of Car Loans in Lake Stevens
November 14, 2016
Buying a used car can be fun, exciting, overwhelming and confusing, particularly if you have never done it before. Even if you have, it is not likely that you have bought a pre-owned vehicle very often. Financing can be a simple process if you are prepared before the outset. Be aware of what loan terms mean when shopping for car loans in Lake Stevens.
- own payment is the amount of money, a percentage of the asking price of the car, that is required to initiate the loan process. There is a minimum amount but it is always better to pay more. Sometimes a trade-in may be considered as your down payment.
- The loan term is the length of the loan – 3 years, 5 years, etc. A shorter term has higher monthly payments but less interest while a longer term has smaller payments and more interest for one of the many used Audi cars for sale.
- The annual percentage rate or APR is the interest rate you pay to take out the loan.
- The finance charge is the money the dealer and/or lender charges to take charge of your loan. This amount may vary from dealer to dealer.
- The extra fees and/or penalties that may be a part of your contract should be understood before you sign.
Fresh Start Approval has a large selection of dependable pre-owned vehicles of all types and every price range and car loans in Lake Stevens for all kinds of credit ratings. For inquiries about used cars and financing, phone us at (888)348-3290.