If you’re thinking about signing a lease or making a purchase at our
Hyundai finance center, there are some phrases and words that you should be familiar with to ensure you’re fully aware of everything inside your contract. To help you out, our finance team at
Sansone Hyundai has created this short guide with the most frequently used financial terms. To learn more, visit us today!
1. Term
A “term” refers to the length of your auto loan and how long you have to pay it back. Usually, when you sign a lease, you’ll get your vehicle for a predetermined number of months which can range anywhere from 24 to 96 months. The longer the loan, the lower the monthly payment—but you’ll likely be subject to higher interest rates.
2. Interest Rate
Your interest rate is what you’ll have to pay on top of the loan cost in order to make up for the price of borrowing money. Every time you make a monthly payment on your
Hyundai car, part of it goes towards the interest until the vehicle is fully paid off.
3. Down Payment
When you sign a lease, you’ll have the option of making a down payment. The more cash you put down, the lower your monthly payments will be and the less money you’ll have to borrow. When purchasing a new car, you should aim to put down around 20% or more of the purchase price.
4. Manufacturer’s Suggested Retail Price (MSRP)
The MSRP is also referred to as the sticker price. This is what is recommended to charge for the vehicle, but it’s quite common to negotiate for a lower price. You might also be able to take advantage of various
Hyundai lease deals
that we’re currently offering.
5. Annual Percentage Rate (APR)
The APR refers to the total cost to borrow money, including all of the interest and any other fees. When you’re looking for a loan, comparing APRs can be a great way to find the best possible deal.
Visit Sansone Hyundai to Learn More
If you have any additional questions concerning leases or anything else, stop by our
Woodbridge, NJ, Hyundai dealership today. Our financial team will be able to assist you with the entire process and more. Come see us today or schedule an appointment online!
