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Sometimes, buying a new car can be a confusing process. Fortunately for you, we’re here to help. Here at Bill Alexander Ford Lincoln, we’re committed to helping our customers through every step of the car-buying process. Our goal is to make it as simple as possible. One way we hope to help you out is by compiling a short list of some of the most common finance terms. Hopefully, these will help make the process a bit more understandable. 

  • Financing: This is a method of paying for a new vehicle in which the consumer acquires funds from a financial institution to pay for the cost of the vehicle. 
  • APR: This stands for "annual percentage rate," which is the rate that you will be charged annually for borrowing money to pay for your new vehicle. 
  • Leasing: Similar to renting, leasing involves making payments on your new car for a set period of time. Once your lease ends, you will return the vehicle to its owner, either the manufacturer or the dealer.
  • Interest rate: Like an APR, an interest rate is the amount you pay each year for borrowing money to buy a vehicle. Unlike an APR, however, the interest rate does not include the fees from your loan.
  • Gap insurance: This is a special type of auto insurance meant to protect vehicle owners, since it insures the amount not covered by your leasing or financing agreement.
Working with our Yuma, AZ Ford dealers doesn’t have to be complicated. We’re here to help you every step of the way, so visit our Ford finance center in Yuma, AZ to get started today. Our expert finance team is prepared to answer all of your questions about the auto industry, so don’t wait any longer. Visit us today to drive off in a new Ford car!
Categories: Finance