Good Terms to Know When Financing a Vehicle

If you're looking to finance a vehicle, some terminology can be confusing. We're here to eliminate the guesswork to help you get approved. Luxury Motors of Rehoboth Beach in Rehoboth Beach, DE has helped many of our Rehoboth Beach customers get approved for a monthly payment they're comfortable making.

The interest rate is expressed yearly as an annual percentage rate (APR). This is helpful to know because it will tell you the most affordable loan option. A variable rate loan can fluctuate, but a fixed-rate loan payment will remain the same throughout the loan.

The length of the loan is expressed by its "term" and is typically 36 to 60 months or more depending on the type of loan. A lengthier term typically has a lower monthly payment, but you'll pay more in interest overall with a longer loan. Get in touch with Luxury Motors of Rehoboth Beach, and we'll get started with your financing application, today.

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