O’Brien Mitsubishi of Normal is your local source for excellent deals on new or used Mitsubishi cars near Bloomington, IL, along with top-notch Mitsubishi maintenance and repairs. That’s certainly not where our quality service ends, however. Our expert team over at our Mitsubishi finance center will walk you through the most important parts of the finance process to take the stress off your shoulders. Get a head start on financing with these common finance terms explained.
Finance: Financing refers to the process of taking out a loan to purchase a car, along with the terms and conditions that come with that loan, such as interest rate, loan term, etc.
Term: The loan term is the length of time that you will make payments towards your car loan, expressed in months.
Interest Rate: When you pay back your loan over the loan term, you will be charged fees in the form of an interest rate, which is represented in the form of a percentage of the total amount of the loan.
Down Payment: Whenever you finance a car, you will need to pay a certain amount of money upfront in the form of a down payment.
Rebate: A rebate is a financial incentive to lease or buy from a car dealership, such as offering no down payment, low interest, or cash back.
Credit Score: Your credit score reflects your history of paying back money owed, including paying off your credit card and other loans. Generally, it’s easier to get approved for a car loan when you have a high credit score and your rates will typically be lower.
When you visit our Mitsubishi dealership, our finance team will work closely with you to make sure you find the car you are looking for at a price that works for you. We will also work hard to make sure you get approved for your loan at a great rate. Visit or contact our Mitsubishi dealership today to learn more!
