The Informed Auto Buyer is the One With the Greatest Opportunity for Success

An intimidated look on the face of someone who steps in our doors is not an uncommon sight here in our city. We understand that a lot of customers are nervous about making an auto purchase and the potential to not get a good deal on their behalf. Thus, we strongly encourage everyone who purchases from us here at Concord Honda to do some research before coming in the door. Today, we want to provide an overview of some of the basic terms that any buyer should know before buying.

  • APR - This stands for "Annual Percentage Rate" and it is one of the most important terms in the game. It relates to how much in interest an individual will pay on their purchase in percentage terms over the course of the year. The lower the rate, the more money the buyer is saving.
  • Creditor - In a financing deal, the creditor is the institution that provides the funding for the customer to make their purchase in the first place.
  • Down Payment- This is a sum of money that the buyer pays on the day they purchase the vehicle. A larger down payment means less paid out in interest through financing.

These are just three of the terms that anyone may hear thrown around when they do business with an auto dealership. We hope that this brief explanation of these terms will help you understand what you are getting into when you finance a vehicle. We strongly encourage you to finance it directly through us so that we may be able to guide you through these terms as much as you need.

 

 

Categories: Finance

Prices shown are manufacturer suggested retail prices only and do not include taxes, license, or doc fee. Manufacturer vehicle accessory costs, labor and installation vary. Please contact us with any questions.

**Based on 2014 EPA mileage ratings. Use for comparison purposes only. Your mileage will vary depending on driving conditions, how you drive and maintain your vehicle, battery-pack age/condition and other factors.

For 2014 Honda Accord Plug-In Hybrid, 115 combined miles per gallon of gasoline-equivalent (MPGe) electric rating; 47 city/46 highway/46 combined MPG gasoline only rating. 13 mile maximum EV mode driving range rating. 570 mile combined gas-electric driving range rating. Based on 2014 EPA mileage and driving range ratings. Use for comparison purposes only. Your MPGe/MPG and driving range will vary depending on driving conditions, how you drive and maintain your vehicle, lithium-ion battery age/condition, and other factors. For additional information about EPA ratings, visit http://www.fueleconomy.gov/feg/label/learn-more-PHEV-label.shtml.