Finance Terms in Ruston, LA
Finance Terms in Ruston, LA
There's much that goes into the financial process involving automotive loans. We're not surprised that so many customers are overwhelmed and filled with anxiety to go through or even start the process of applying for loans. (Especially first-time buyers.) With so much paperwork and so many documents to collect, like proof of insurance, residence, income or identity — not to mention all the finance term know-how — the whole ordeal can seem a daunting task. However, at Karl Malone Toyota of Ruston, we like to make things simple.
Our expert team of financial professionals have been trained to communicate complex information into simpler terms. We have quite a few customers who have driven home in a great new Toyota, with a variety of credit scores and histories. In simple terms? Don't worry if your financial situation isn't perfect! If you're new to finance terms concerning automotive loans (or if you're still unfamiliar with them), you'll find the below information useful. We've put together a short summary of some common words and phrases you'll hear while working with us to secure your loan.
Usual Vehicle Finance Terms
Every loan that we secure for our customers is different. Each one is tailored to suit your financial needs. You may have heard the term "normal loan term" — which essentially means the length of your loan and can last from 36 to 72 months. What does that mean for you? You have three to six years to pay off your loan, plus interest. Generally, a longer term means smaller payments for you but with a higher interest rate. Many lenders recommend selecting a shorter term (like 36 or 48 months) for several reasons, including reducing your chance of being "upside down" on your loan. What does it mean to be upside down? In simple terms, you owe more on your loan than what your vehicle is worth.
Financing with Karl Malone Toyota of Ruston
If you're ready to drive away in your new Toyota (or high-quality used vehicle), apply for financing using our easy-to-use application system to get pre-approved today. It only takes a few simple, secure steps to be that much closer to obtaining your next — or first — car loan. After you've finished the application, you'll be contacted by a member of our team.
We make auto financing easy. If you have any questions or want to know more, give us a call or stop by our dealership at 1001 N. Service Road East Ruston, LA 71270. Karl Malone Toyota of Ruston proudly serves customers near Monroe, Shreveport and Bossier City.