Buying a used car can be a stressful time, especially if you are a first-time car buyer or haven’t done it in a while. To make the process a little easier on yourself, please reference the Chip Wynn Motors car financing glossary when you come across new terms.
Blue Book Value: This is the value of a used car, truck, or SUV according to an evaluation by Kelley Blue Book (KBB).
Cosigner: This is a person in good financial standing who may sign on to your loan to guarantee payments are met.
Credit History: Your credit history helps us determine the right type of loan for you. Credit bureaus develop a score for you based on your personal borrowing history. The better you have been at repaying loans promptly, the better loan offer you are likely to get from a bank.
Down Payment: This is the amount that you pay upfront for your used car. The larger your down payment, the lower your monthly payments will be throughout the course of your loan.
Title: This is the legal document that shows ownership of a vehicle. Until you have paid off your car in full, the lending institution will hold on to the title.