Are you searching for a Ford car for sale near Janesville? Our Ford dealer can help you secure financing so that you can find your next new car. Regardless if you’re a first-time buyer or have done this before, the terminology used on loan applications aren’t words you hear every day. That’s why our team at Griffin Ford Fort Atkinson is here to break down those terms so you can start your application without worry.
Finance terminology and definitions
Finance. When you hear someone say that they’re going to finance a car, that means they’re taking out a loan. After the loan is paid off, then you are the owner of the vehicle.
Lease. A lease is another word for rent. So, if you lease a car, then you’re renting the car for a specific length of time. At the end of your lease, you’ll return the car to the dealership.
APR. This stands for annual percentage rate. When you borrow money, the lender charges you interest until the loan is paid off. A higher APR means you’ll pay more to borrow money. For well-qualified buyers, you can find incentives for low APR loans, which save you money.
Loan term. A loan term is the length of time that you’ll make payments. Many new car buyers choose a five-year loan, which is referred to as a 60-month loan. 72-month loans or six-year loans also exist, but you’ll pay more for longer loan terms.
Cashback. In some cases, dealers offer an incentive to buy a new car. The amount of the gift or rebate comes off of your total car price. Cashback offers can lower your loan amount.
Talk to your Ford dealer about financing
Griffin Ford Fort Atkinson near Janesville offers a vast selection of Ford cars for sale. Our onsite finance team walks you through each step of the loan or lease process. Stop by or use our online tools to finance your next Ford.