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What you need to know to be an educated car buyer.

Old Apr 18th 2019, 3:22 pm
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Default What you need to know to be an educated car buyer.

Car buying in the U.S. can be a very complex process from finding the vehicle that's right for to you, to obtaining financing and insurance to the registration and licensing process, which varies from state to state.

In addition to the above, you want to make sure you are getting the best deal and not being taken advantage of. A good start is to understand key terminology so you can become an educated car buyer. We've put together a list of some helpful terms to become familiar with.

Sales Tax: A percentage of the vehicle cost owed to the state at the time of sale. This is an additional cost that varies by city and state and is not included in the vehicle price.

Capitalized Cost Reduction: An upfront payment or down payment to reduce the cost of financing on the vehicle.

Registration Fee: A fee paid to the state to register ownership of the vehicle, amount varies by state. This must be done at the time of delivery and cannot be factored into the lease or the loan.

Trim Level: Different versions of the same manufacturer model that includes different options and equipment.

Ultra-Low Mileage Lease: Refers to the allotment of 10,000 miles per year during the lease term. If the mileage allotment for the lease term is exceeded an extra mileage fee will apply. This fee can range from $.10-$.30 per mile.

Well Qualified Buyer: Refers to an offer that is available to customers with an excellent credit history/FICO score in the United States.

Down Payment: This is money paid up-front by the buyer. By applying a down payment it can reduce the amount paid monthly.

Term: The length of a lease or loan is known as the term.

If you have any questions about the car buying, leasing and renting process lets us know. We're here to help!
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