Explaining Finance Terms to Our Cookeville Car Shoppers

Mar 4, 2020

If you’re ready to buy your first car, you are probably excited and perhaps a little bit nervous as well. While the car-buying experience can certainly be fun, it can also be confusing, especially if you plan to finance your purchase.

At Nissan of Cookeville, we aim to make the financing process as simple as possible, and one way we do this is by giving our customers as much information as they need. Below are some common financing terms that are important to know.

Key Financing Terms

Principal – Not to be confused with the person you probably tried to avoid in high school, this just means the amount of money you will be borrowing.
Lender – This is who you will get the money from to buy your vehicle. Typically, a dealership works with a bank or another type of financial institution.
Interest rate – The interest on your loan is the fee the lender charges you. At our Nissan dealership near Crossville, we always strive to find the lowest interest rate possible for our customers.
Term – The term is the length of your loan, and you will usually be presented with different options.
Down payment – While you can finance the entire vehicle purchase, it’s a good idea to put some money down, as this will reduce the size of your loan. If you plan to trade in your old vehicle, its value can be used towards the down payment.

Let Nissan of Cookeville Answer Your Financing Questions

If you are looking for more information about financing, get in touch with our Cookeville Nissan finance specialists. We will walk you through the entire process and – most important – help you find the perfect new vehicle.