When you look for Chevrolet dealers near Lakewood, don’t just look for a good selection of new Chevrolet cars for sale. While you can expect fantastic service from our dealers here at Lester Glenn Chevrolet, we will also guide you through the process of financing a new Chevrolet car to make your car shopping experience as smooth as possible. One important part of this process is learning about common finance terms.
- Credit score: This numerical value is a representation of your history of paying back debt and handling credit. If you have a high credit score, it makes it easier to get approved for a loan and you’re more likely to be rewarded with a low interest rate.
- Interest rate: When you finance a car, you’ll have to pay a fee on top of the cost of the car. This comes in the form of an interest rate, which is a percentage of the cost of the car.
- Down payment: Before you make monthly payments towards your loan, you will have to pay a percentage of the cost of the car in the form of a down payment.
- Term: This is the amount of time you will spend making monthly payments to pay off your car loan. A term can be as short as 12 months and can even be as long as 72 months.
- Lease: A lease agreement lets you drive a brand new car for low monthly payments and a low down payment. Rather than owning the car, you will return the car once your lease is over.
- Rebate: This is a financial incentive to make a purchase or sign a lease, such as cash back, a low interest rate, or requiring no money down.
If you have any questions about Chevrolet financing or other parts of the car-shopping process, feel free to contact our Chevrolet dealership today!