Common Hyundai Finance Terms Explained

2023 Hyundai Palisade SUV

Buying a car can sometimes be a daunting process. But that doesn’t need to be the case. A bit of background on what it’s like getting Hyundai finance for your new Hyundai car or SUV will help everything go a lot smoother. To that end, here’s a quick rundown of the most common finance terms that come up during the financing process.

2023 Hyundai Palisade Interior

Common Auto Finance Terms

When you purchase a Hyundai car at a Hyundai dealership in Mt. Pleasant, WI at locations such as Zeigler Hyundai of Racine, you can count on common finance terms entering the conversation. A quick explanation should help clear up what these terms mean.

The auto loan is the contract between the buyer and lender. In it the lender provides the money to cover the price of the car while the buyer promises to repay the price of the car as well as interest costs to the lender over a specific period of time.

The interest rate or APR is the cost of borrowing money, expressed as a percentage of the loan that is paid each year by the borrower.

The loanterm is the length of the loan, described in months. For example, a five year loan will have a term of 60 and will include 60 monthly payments.

The down payment is the value of the cash and trade-in valuation that the buyer pays up-front that goes toward the total price of the purchase.

Common Application Process Terms

A critical part of the auto financing process when you find a new Hyundai vehicle you wish to buy, is the application process. This is what will determine your eligibility for types of financing. Here are some common terms used in this process.

Credit score is a grade or rating given to each borrower based on their credit history. Each individual’s credit score determines such things as the interest rate they are offered and the size of the loan they can access.

A credit report is a document that each person can request from a financial institution. It shows how the credit score was calculated based on past credit history. Most banks and financial institutions can provide a credit report on request.

Title to a car provides legal ownership of the vehicle. If a loan is being used to buy a car, then the title isn’t transferred until all loan repayments are made.

These are just a few of the terms you can expect to encounter when you buy a vehicle such as a Hyundai SUV at Zeigler Hyundai of Racine.

Finance at Zeigler Hyundai of Racine

We at Zeigler Hyundai of Racine prioritize making the car purchasing process easy and accessible. Stop by our dealership today to talk with a dealer, chat with us on our website, or give us a call to learn more about how simple it is to finance the purchase of a great Hyundai car!

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