Are you ready to secure financing and own your first vehicle? Maybe you’re not ready to drive home in a new model, but maybe you’ve had your eye on one of our many used Jeep® SUVs near Chicago. The process can feel really stressful when you don’t understand all of the terminologies. Luckily, our team at Fields Chrysler Jeep Dodge RAM of Glenview can walk you through the entire car buying process and answer your questions. Learn about standard finance terms, then talk to our Jeep dealers about securing funds for your new-to-you model.
Common Financing Terms
Whether you’re looking at paperwork or trying to estimate your car payment using an online calculator, there are a few terms that you should know.
- APR. You’ll see this term a lot, and if you want to estimate your payment online, then the tool will ask you to input this number. APR stands for annual percentage rate. When you take out a loan, you’re charged interest for borrowing the money. Your actual rate depends on several factors, but you’ll learn the rate before going through with a loan. Each month that you lease your vehicle, you’ll pay a portion of interest based on the interest rate.
- Leasing. Leasing is a way to get a new vehicle with a lower monthly payment, but you’re not buying the car. Instead, you’re renting the vehicle for a specified length of time. People usually lease cars for two to four years.
- Car loan term. The term refers to the length of time that you’ll take out a loan. While a longer term period means a lower payment, you’ll also pay more interest. This means that the total price you spend on a 72-month loan is more than a 60-month loan.
Finance a Used Jeep SUV near Chicago
Our team at Fields Chrysler Jeep® Dodge RAM of Glenview offers financing options for our used Jeep SUVs near Chicago. We also provide both finance and lease options on new models. Learn more by talking to our Jeep dealers near Chicago.