Your car search comes with countless questions concerning makes, models, trim levels, and features. Once those are answered, you will face still more questions concerning your Hyundai finance options. Even if you've purchased cars in the past, the team at Keyes Hyundai encourages you to refresh your memory. If you still have questions after reading this guide, we urge you to contact us today!
Term
The term of an auto loan is the length of time you have to repay your debt. A loan's term is typically expressed in months. Using our car payment calculator, you'll see that a car loan can last anywhere from 12 to 84 months. You'll also notice that longer terms typically translate into lower monthly payments but higher cumulative interest charges.
Annual Percentage Rate
When you finance one of our new Hyundai models or a pre-owned vehicle, your loan will have an interest rate and APR. The interest rate is what you'll pay your lender for the privilege of borrowing money. By contrast, the annual percentage rate accounts for your interest rate and other fees you'll have to cover to complete your purchase, often called prepaid financing charges. For that reason, the APR is the more accurate measure of what you'll ultimately pay for a car.
Principal
You'll borrow this amount to pay for a vehicle and cover taxes and fees. Your principal doesn't include interest charges. Your initial payments will cover more of the loan's accrued interest, but more will be applied to your principal as time passes.
Manufacturer's Suggested Retail Price
Also referred to as MSRP, list price, and sticker price, the manufacturer's suggested retail price is the price at which a carmaker suggests a dealer sells an automobile. The sticker price is the price you'll typically see affixed to a vehicle's window. Since this price is a suggestion, it's often negotiable.
Down Payment
Your down payment is the money you'll provide before you finance an automobile. Depending on your credit score and other factors, providing a down payment might be optional or required by a lender. The more money you put down upfront, the less you'll pay for your car overall and the lower your monthly payments will be.
Learn More About Hyundai Finance Near Los Angeles, CA
Do you want to learn more about Hyundai finance? Contact our Hyundai dealership near Los Angeles, CA. To finance a new or pre-owned Hyundai model, visit our location today.
