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Common Finance Terms in Lubbock, TX

Common Finance Terms
Most drivers don’t find it necessary to keep up with the terms and definitions found in financial documents. That’s why many car dealerships keep a fully staffed finance department up and running to assist customers with their purchases. Even so, many buyers may struggle with buying a new car. Check out this quick list of common finance terms you might come across in your next automotive purchase!

Annual Percentage Rate – Lenders charge a fee for use of their money when financing a new or used vehicle. Otherwise known as APR, the annual percentage rate is determined by a borrower’s credit history and score. Those with higher scores will receive lower rates while buyers with low scores will see higher rates.

Cosigner – Whether a
first time buyer or a driver who made some credit mistakes, a cosigner can help reassure lenders. A cosigner is essentially a “backup buyer” who will take over the monthly payments if the signer fails to keep up with them. Buyers with bad credit can increase their odds of getting a loan by having a cosigner.

Down Payment – Many car dealerships will take a used vehicle in exchange for credit on a new vehicle. A down payment is the lump sum paid to reduce the total amount financed. A higher down payment means lower monthly payments over the course of the loan. Buyers with bad credit could stem lender’s fears with a hefty down payment.

Lease – Drivers who can’t afford the monthly payments on a new car could get behind the wheel by leasing. A lease is essentially a long-term loan where the driver pays the difference between the new value and predetermined used value. While a lease comes with a number of restrictions, it’s one of the best ways for drivers short on liquid assets to get into a new car.

Contact the fantastic finance department at Pollard Used Cars in Lubbock to get your dream car!

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Hours

  • Monday
    9:00am-6:00pm
  • Tuesday
    9:00am-6:00pm
  • Wednesday
    9:00am-6:00pm
  • Thursday
    9:00am-6:00pm
  • Friday
    9:00am-6:00pm
  • Saturday
    9:00am-6:00pm
  • Sunday
    Closed

Contact Information

4101 Avenue Q
Lubbock, TX 79412
Phone: (866) 239-3735
Fax: (806) 763-8616
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