The super low interest car loan rates, the lowest car loan rates in decades, are being offered by automotive dealerships and lenders these days to make up for the last few year’s slump in business. In the current environment, the consumer stands to save a tremendous amount of money on their next new car purchase. The low interest car loan rates along with other incentives currently being offered by auto dealerships and lenders will mean lower monthly payments that they would have had on the same car only a few months ago. Many dealerships are also guaranteeing their customer’s ability to pay by offering to accept the car or truck back if the buyer loses his or her job within a specified period of time, with no loss to the buyer. This is a great time to be shopping for a vehicle. The following is a list of terms to understand if you plan to buy or lease a new car:
Low Interest Car Loan Definitions:
•Interest Rate (APR): The Annual Percentage Rate billed on your low interest car loans or lease.
•Low Interest Car Loan Term in Months: This represents the entire number of months that you desire to finance your car or truck. The maximum low interest car loan term is 120 months; the minimum low interest car loan term is 12 months.
•Down Payment Amount: The down payment is the combined total of the cash you are putting down and the vehicle you are trading in (if any).
•Total Finance Amount: This is the total amount of the no credit check car loan that you with to finance. This amount includes the cost of the vehicle, plus any taxes and fees, minus your down payment (your cash down payment plus the value of your trade, in if any.)
•Net Leased Amount (For Auto Leases): Total amount that you desire to have leased. This amounts to the retail cost of the car, plus any fees or taxes. This won’t contain your down payment or trade in amounts.
•Residual Lease Percentage: For leases, after the lease term expires, this is remaining value of your vehicle. The lower that your lease payment is, the higher that this amount will be. So, choose your lease payment with this in mind.
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