Used Car Financing 101: Common car loan Terms

Common Car Loan Terms
If you are thinking about purchasing a used car at Chip Wynn Motors, brush up on your vocabulary with these common car loan terms beforehand.

Are you thinking about purchasing a used car at Chip Wynn Motors? Brush up on your vocabulary with these common car loan terms before heading into our dealership for a test drive.

  • Bill of sale: This is a document that Chip Wynn will put together for you upon purchase; it will cover various details of the transaction.
  • Credit score: This score gives our finance department and other lending institutions a snapshot view of your credit history to help determine what kind of loan to offer you.
  • Disclosures: When you purchase a used car, it is important that you learn all of its history, including repairs or title issues. We will be sure to get these disclosures to you before you make a final decision on any car.
  • Down payment: This is the amount of money that you are paying at signing for the car. Whatever is left of the car price will be financed.
  • Principal: The principal is what you owe on your loan, not including the interest.
  • Term: This reflects the duration of your loan, in months. Typical car loans range from 3 to 5 years.

Have more questions about purchasing a used car at Chip Wynn Motors? Contact our sales staff or our finance department for more information.