What Finance Terms Mean | Andy Mohr Chevrolet Plainfield, IN
What Finance Terms Mean
at Andy Mohr Chevrolet
If you're in the market for a new Chevrolet, head to your local Plainfield, IN Chevy dealer for amazing selection, price and service.
Andy Mohr Chevrolet gives you plenty to choose from thanks to a wide range of new and used Chevy cars, trucks and SUVs, including the Chevy Equinox, Chevy Malibu, and Cruze.
The car-buying process can be intimidating and confusing, but our knowledgeable finance professionals can help you find the right vehicle that fits your needs and budget. We thought it might be a good idea to discuss some of the more common finance terms so you know exactly what they mean.
Shop NowFinance
To borrow money, either from a bank or other financial institution, to buy your vehicle. Once you've paid off the loan, you'll own the vehicle.
Lease
You pay monthly installments for a portion of the car's actual cost. You drive the car for a period of time—usually one to three years—and at the end of the lease, you may either pay the remainder to keep the car or sign up for another lease.
Interest Rate
The fee charged by the lender for your loan each month. You'll see it listed as a percentage rate in your monthly car payment.
Down payment
This is the money you pay upfront for the vehicle, and it is not included in the amount of the loan.
Term
This refers to the length of the loan. A shorter loan term usually means a lower interest rate. So, while your monthly payment might be higher, the overall amount you'll pay for the car will be less.
Equity
The difference between the amount of money you owe versus what the car is worth. As you pay off the loan, your equity grows.
If you have more questions, the Finance Department at Andy Mohr Chevrolet, located at 2712 E Main St. Plainfield, IN is here to answer them. To get you started, fill out our digital finance application and calculate the value of your trade-in. Then call us at 317-406-5735 so we can determine the best financing options for your situation.
Andy Mohr Chevrolet
2712 E Main St.
Plainfield IN, 46168
Monday | 8:30AM - 8:00PM |
Tuesday | 8:30AM - 8:00PM |
Wednesday | 8:30AM - 8:00PM |
Thursday | 8:30AM - 8:00PM |
Friday | 8:30AM - 7:00PM |
Saturday | 8:30AM - 6:00PM |
Sunday | Closed |
Monday | 7:30AM - 6:00PM |
Tuesday | 7:30AM - 6:00PM |
Wednesday | 7:30AM - 6:00PM |
Thursday | 7:30AM - 6:00PM |
Friday | 7:30AM - 6:00PM |
Saturday | 8:00AM - 2:00PM |
Sunday | Closed |
Monday | 7:30AM - 6:00PM |
Tuesday | 7:30AM - 6:00PM |
Wednesday | 7:30AM - 6:00PM |
Thursday | 7:30AM - 6:00PM |
Friday | 7:30AM - 6:00PM |
Saturday | 8:00AM - 2:00PM |
Sunday | Closed |