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Understanding Common Auto Finance Terminology

When you go to secure a car loan, there are a number of terms that you might hear that you will want to clarify. The down payment is how much money you are going to pay towards the price of the car. The down payment can be in cash, or you can trade in a vehicle, and the down payment can be the trade-in value of the vehicle you no longer want.

An annual percentage rate is more than the simple interest rate. The interest rate is the amount you pay each year to have the loan, while the annual…

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