Finance Terms | Punta Gorda FL

Finance Terms

Finance Terms in Punta Gorda, FL

Purchasing a car normally means you’ll need to finance it these days. It’s true for even used cars, as some are priced too high to purchase in one total payment. At Gettel Hyundai of Charlotte County, we know that buying a car (especially for the first time, or by yourself) can be intimidating, to say the least. From the financial stipulations, credit scores and numerous options for financing, there’s an overwhelming amount to understand when buying a car.

But you shouldn’t worry—we can help you slide in the driver’s seat of that sparkling Hyundai you’ve been eyeing. Our committed finance department is determined to give our customers a hassle-free, educated buying experience. Keep reading to learn more about car finance terms that anyone can understand.

Usual Vehicle Finance Terms

Usual Vehicle Finance Terms

What’s considered “normal” will vary by customer, but lenders usually advocate 36-72 month car loan terms. This means that you will have three to six years to pay off your new car to the lender, plus interest. The biggest aspects that will change for each customer are your own interest rate and loan terms, which will both be determined by your credit score and down payment.

Wonder what your interest rate will be? Take a look at the financing term. Longer loan terms, such as 48 or 72-month terms, will have lower monthly payments, but higher interest rates than its 36 or 48-month counterparts. Generally, most finance companies will recommend that you decide on a shorter loan term. There’s less of a risk of being “upside down,” or maintaining the value of your new car and paying less interest long-term.

Financing with Gettel Hyundai of Charlotte County

Financing with Gettel Hyundai of Charlotte County

If you’re ready to look seriously into your financial options for purchasing a vehicle, please fill out our finance application. Our diligent finance team will get in touch with you quickly. Check out our payment calculator and other available finance tools to help you secure as many options and knowledge as possible before making your purchase.

If you want to know more, give us a call or stop by our dealership at 1950 Tamiami Trail, Punta Gorda, FL 33950. Gettel Hyundai of Charlotte County proudly serves customers from Port Charlotte, North Port, Venice and Fort Myers.

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