Home > Automotive Tutorials: Financing Options Tutorial

English | Español

alt=" "

FINANCING OPTIONS TUTORIAL

Agreed Upon Selling Price:		The dollar amount you and the dealer determine will be used to calculate financing figures for a specific vehicle.
Annual Percentage Rate (APR):		The cost of credit expressed as a yearly rate.
Bank Draft:		A bank issued check made out to the dealership for the vehicle purchase.
Finance Charge:		The total dollar amount the credit will cost you, which is based on the amount financed, length of contract and annual percentage rate.
Installment Sale:		A contract with a dealership to buy a vehicle on time by paying the purchase price, plus an agreed upon finance charge over a certain period of time in installments, which are typically monthly payments.
Lender:		A bank, credit union or other financing source that lends money directly to you for the vehicle purchase.
Lien:		A legal claim on ownership of the vehicle stemming from a debt. If you don't make the payments, the one holding the lien can take and sell the vehicle as full or partial payment of the debt.



Jump to:
1.	Introduction	10.	Length of Financing
2.	Your Financing Options	11.	Leasing Through the Dealership
3.	What You Need to Know About Options	12.	How Mileage Affects a Lease
4.	Financing and Leasing Glossary	13.	Wear, Tear, and Maintenance
5.	Understanding Finance Terms	14.	When a Lease Expires
6.	Understanding Lease Terms	15.	Buy vs. Lease - How to Choose
7.	Payment Options	16.	Buy vs. Lease - An Exercise
8.	At the Dealership	17.	How Lease Payment Differ
9.	Financing Through the Dealership	18.	Exercise Your Options - A Quiz

Register for a chance to win a new 2010 Chevy Cobalt