Learn About Common Chevy Financing Terms near Wayne, PA

Before you head to the dealership to buy a new vehicle, it might be a good idea to get familiar with some common Chevy financing terms. Financing can be a tough process, so understanding the terminology helps make the process easier.

Our team at Videon Chevrolet put together a list of the most common Chevy financing terms to know before you buy.

Gap Insurance: Typically, you will get comprehensive insurance with your vehicle that will cover most of your vehicle’s lease; however, gap insurance provides additional coverage. Built to insure the “gap” between your lease and the value of your vehicle, gap insurance can be great additional insurance.

Financing: Similar to financing a home, the term financing means that an individual will be borrowing money from a financial institution or a bank to cover the complete cost of a vehicle. Instead of paying off the vehicle at once, an individual will take out an auto loan and cover all interests and fees on a monthly basis.

APR: An annual percentage rate, or APR, is part of financing a vehicle. This is the rate that an individual will be charged for taking out a loan to cover the cost of the vehicle. Over time the amount of the loan will be paid back, but the APR is the interest that will be added to the cost of the loan.

Get Chevy Financing Advice

Need to know more about Chevy financing? Visit our Chevrolet finance center near Wayne, PA, to meet with our Chevy financing team. Made up of experts in their field, our finance team will be there to answer your questions every step of the way. Visit us today to learn more!