Quite simply, this is the amount of money you are financing to purchase the vehicle. The principle includes the total vehicle cost, any addition fees the dealership or lender may charge, and any other optional add-ons you select. Any down payment and/or vehicle trade-in allowance is subtracted from the total costs and the remaining balance is the principle.
The terms of the loan is the number of required monthly payments you must make before you fully own the vehicle. Loan terms can range in length from as little as 36-months to as many as 72-months. In certain cases, depending upon your financial situation and vehicle age, shorter or longer repayment periods might be offered.
Interest is a percentage amount charged by the lender in exchange for financing the vehicle. The percentage you are charged is influenced by several factors, such as your credit score, the age of vehicle being financed, and the risk to the lender.
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