When it comes time to buy a new or pre-owned Nissan car, one of the largest tasks is to figure out how you want to pay for it. While some buyers can afford to pay for a car straight up with cash or check, the majority opt to take out an auto loan at our Nissan finance center.
Luckily, Nissan, along with our friendly finance representatives, make car lending simple. Here is a brief overview of Nissan financing.
Auto Loan Key Terms
One of the most challenging aspects of taking out a car loan is learning all the lingo. Here are some terms that you’re likely to come across when you take out a loan at Hall Nissan Virginia Beach:
- Term: The total length of the loan or lease.
- Down payment: The amount of money that you pay upfront in order to begin the lending process.
- Principal: The amount of money that you must pay every month to our lenders. This amount is only based upon the purchase price and doesn’t include interest.
- Interest rate: The amount that you pay every month on top of the principal. Your interest rate depends on a number of different factors, including your credit score.
Frequently Asked Questions
Here are a couple of questions that we often receive at our Virginia Beach Nissan dealership.
- Do you lend to people with poor credit? Poor credit or no credit, we will find an auto loan that works best for you.
- What happens at the end of a lease? You can choose to purchase the car outright, return it to our dealership and lease a new car, or simply return it and walk away.
If you have any additional questions about Nissan financing, speak to a finance rep at our dealership.