Leasing
How long is a lease term usually?
2-4 years
What is a monthly payment?
Money that you pay every month
What does it mean to finance a car?
Taking out a loan to buy a car and then paying it back overtime
If you plan to drive alot which option would be better for you?
Financing
What is one thing you can do if a dealer doesn't want to agree with your terms?
Walk away, find another dealer
What does car leasing allow you to do?
try new vehicles every few, see the different features, etc.
What is a down payment?
What is an interest rate?
the cost of borrowing the money usually represented by a percentage
What can I increase to make financing/leasing more affordable?
Improving your credit score
Manufacturer's suggested retail price
What is the usual limit of mileage for the car?
Around 10,000-15,000
Money you can expect to recieve if you return it instead of buying it
how long is a loan term?
Usually around 36-72 months
3-6 years
When is the best time for me to finance/lease a car?
Holiday Sales, End of Year, End of Month/Quarter, Model Year changeovers
What are examples of dealer add-ons?
How much is the Documentation Fee?
Typically around $100-$500
What is Security Deposit?
A refundable amount paid upfront
Extending the monthly payments result in?
Increased Interest Rate
If Im financing a car for 30,000 for over 24 months at 5% whats an estimate for my annual income?
Around $105,000
If I get pre-approved for a car that means
A lender has already determind how much they wanna lend, along with other terms.
When may you be able to deduct a portion of the payments?
When you're using the vehicle for business use
What is Capitialized Cost?
The total amount being financed in the lease
If you have a good credit score
If Im financing a 2020 Honda Civic what would be the closest estimate for registering it in Illionis
Around $1,780
Actual price is 1,776
If I exceed the mileage limit of my car how much am I getting charged for every mile?