Common Finance Terms

So, you have finally found the vehicle of your dreams and you are ready to drive it off the lot. However, before you can do that, you have to finish all the financial paperwork. Other dealerships often use confusing financial terms during this transaction. Here at Swant Graber Ford, we promise to never try to confuse you with any technical lingo or jargon. Instead, we go the extra mile by presenting you with this list, which explains the meaning of common financial terms.

Cosigner

A cosigner is another person who assumes equal responsibility for the purchase of a vehicle and signs the paperwork along with you.

Down Payment

Before you drive your new vehicle home, you have to pay an upfront cost known as the down payment.

Grace Period

The grace period is the period of time you have to shell out a late payment before you are penalized for it.

Term

In transactions where you use a loan to help pay for your vehicle, the term is the loan's length listed in months.

If any other financial terms confuse you, just ask a member of the Swant Graber Ford team. With the knowledge of what these financial terms mean, you can arm yourself with knowledge during your next vehicle purchase!

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