As you search before you shop for a car loan, it’s a good idea to get acquainted with car loan terminology—this will help you avoid getting blindsided by unfamiliar lingo.
- Loan term – the mortgage term could be the period of the mortgage. You will typically see this expressed in months, such as for instance a 48-month term or a 60-month term. Generally speaking, an extended term means a lesser payment per month, because you spread the re payments over a longer time of the time. However, much longer loan terms are not constantly the most suitable choice. Continue reading Terms to learn before you make an application for an car loan