UCL’s have lower average prices and slower depreciation rates than new cars, which can lose up to 20% of their value in the first year. Used car loans also generally have shorter loan terms, and are more accessible to buyers with a diverse range of credit.
New Car Loan
NCL’s typically have lower interest rates and APR’s (Annual Percentage Rates) than used car loans. Automakers also sometimes offer deals and special rates in order to incentivize car searchers to buy new over used.
Monthly Payment
A monthly payment is the amount of money owed each month in the wake of a loan.
Interest Rate
An interest rate is the portion of a loan that the lender charges the borrower when the borrower begins to pay back their loan. Essentially, it is the rate the lender charges the borrower when they are given a loan.
Loan term
A loan term is a loan that is repaid in regular intervals over an agreed-upon amount of time.
Down payment
Down payments are generally used during larger purchases, such as a house or car. The down payment is the portion of the cost needed upfront and is usually given in cash.
Wagon
A car body type that has an extended interior, two-box design, large cargo area, and a hinged back door for easy cargo area access.
Sport Utility Vehicle (SUV)
“SUV” is an automotive classification for a multi-use vehicle that features both on and off-road characteristics. SUVs typically have four-wheel drive and are large with ample passenger seating and lots of room for ground clearance.
Sport
A small automobile designed low to the ground, usually with seating for two. Sports cars are generally known for their easier maneuverability and ability to be driven at high speeds.
Torque
The tendency of a force to rotate an object around an axis. In car terms, that generally refers to how powerful a vehicle is by measuring engine output. Torque readings are taken at various engine speeds, or revolutions per minute (RPM).