First-time buyers near Englewood might wonder about a few common terms associated with financing. Here's a look at some terms.
One term to become familiar with is, ironically, "term." The term of an auto loan refers to the number of months required to pay the balance. An auto loan with a 60-month term means the borrower has 60 months to pay the loan based on 60 payments. Paying the loan sooner could lower the annual percentage rate (APR), which refers to the interest rate charged per year.
Other terms associated with auto financing are credit scores and credit checks…