The end of the year is a great time to score a deal on a new 2019 Nissan Sentra or one of our other new Nissan vehicles here at Libertyville Nissan. If you’re thinking of buying a new car, truck, or SUV, you might be worried about financing, but we want to let you know buying or leasing a car doesn’t have to be stressful. Learn about some common financing terms below so you’re fully-prepared before you walk into our finance center.
Common Finance Terms
- Interest rate: This is the annual charge that is added to the amount you borrow for your loan. For example, a 2.5% APR (annual percentage rate) for 60 months means that in addition to the amount you borrow for your purchase, you’ll repay a further 2.5% for the duration of those five years.
- Credit history: This lets financing specialists and banks know your debt history and how well you can pay off loans. Buyers with a high credit score (usually considered to be above 760) and good credit history can qualify for lower interest rates.
- Loan term: This is the amount of time it takes you to pay back a loan. A 72-month finance period will probably come with lower monthly payments, but you’ll potentially pay more over the life of the loan than you would with a shorter financing period.
- Down payment: This is the amount of cash you put down right off the bat when you purchase a new vehicle. The more cash you can put down upfront, the less you’ll need to finance, which means a shorter loan term.
- Special offers: From time to time, manufacturers will offer special purchase incentives on their new cars. These incentives can help you secure a lower interest rate or even earn cash back.
If you’re ready to check out the new 2019 Nissan Sentra, contact Libertyville Nissan near Mundelein, IL today. We hope to see you soon!