Glossary of Chevy Financing Terms

There are a lot of ins and outs to automotive financing that can seem daunting. However, rest assured, at James Martin Chevrolet we’ll deliver the right Chevy financing for your budget and needs while answering all of your questions.  

Common Finance Terms 

Shop our showroom for quality new Chevy cars and you’re bound to hear numerous finance terms during your time here. The following are some of the most important terms to know.  

APR 

The APR (annual percentage rate) is the yearly cost of a car loan. This includes your interest rate, plus any additional fees. 

Down payment 

The down payment is the amount of money that you put towards the vehicle at the time of purchase. The larger the down payment is, the lower your monthly payments will be and the faster you can pay off your loan.   

Lease 

An alternative to purchasing a car at James Martin Chevrolet, leasing allows you to drive a vehicle for a standard length of time, typically three years. When the lease is over, you return the car to our dealership. 

Title 

This legal document contains important information about the car. When you pay off your loan, the title is transferred to you and you own the vehicle outright.  

Term 

The term is the length of your loan. Most loans range from 24 months - 72 months. Many experts recommend a loan term of 48 months, or four years. 

Our Chevy Financing Department 

All of these terms (and many more) will be explained to you by our experienced professionals. We’ll also explain how to use our online purchasing tools, including “Shop Click Drive” and “Shop by Payment”. Moreover, if you want to use your current car as a Chevy trade-in and put your earnings towards the down payment on a new vehicle, we’ll make it happen.   

Our website also offers an online finance application, which is easy to complete and a big first step towards buying your next Chevrolet automobile.  

Get Chevy Financing Today  

Visit our Detroit, MI, Chevy dealership today and take advantage of our customer-friendly financing process. Our strong relationships with local and national finance institutions and our frequent financing specials make it easy for every customer to purchase a great Chevy car that fits their needs.