Let’s face facts: it’s fun to shop and get a new car, but few enjoy the dealership experience. This is especially true when a price that you see plastered on a car goes up by several thousand when it comes time to see the paperwork.
When you’re going to the dealership, knowledge is power. Carthage Center for Rehabilitation and Nursing wants you to get familiar with these terms in order to make sure you get the best deal possible deal when car shopping.
Annual Percentage Rate (APR)
The higher this number is, the more it’s going to cost you in interest in fees. The number is the total cost you’ll pay to borrow money for a loan, combining interest rate and fees.
Dealer Incentive
Auto manufacturers want their dealerships to hit certain sales benchmarks, and they offer incentives to help them do so. Many dealerships pass some of these savings to customers.
Dealer Price Sticker
This is the base price you see on the window of the vehicle as you shop. It must also show the price with dealer’s options and fees along with the fuel economy.
Documentation (Doc) Fee
This fee is passed on to the customer as a representation of how much it costs for the dealership to prepare the sales contract and other documents. This can be negotiable.
Down Payment
The amount of money you pay up front to reduce the cost of your loan.
Lien
If you’re taking out a loan to help pay for the vehicle, a lien is the lender’s legal right to own the vehicle until you pay off the loan in full.
Trade-in Value
If you’re trading in your existing ride, this is what the dealership will pay for your own vehicle. There’s usually room to negotiate here. Many dealers don’t have the ability to come too far down off the sticker price, but they can add value to your trade-in as a way to lower your monthly car payment on the new vehicle.
To learn more about Carthage Center for Rehabilitation and Nursing and all of the services they offer, visit https://carthage-falls-center.facilities.centershealthcare.org/.