Finance Terms

Finance Terms in Greenville, SC

With all that goes in the financing process to secure an auto loan, it’s no wonder why some are uneasy or overwhelmed to start (especially first-time buyers). The sheer amount of required documents — like proof of insurance, residence, income or identity — and finance term know-how is a daunting task. But here at Steve White Volkswagen, we make it simple.

Our finance team is trained in relaying complex finance information into simpler terms, and we’ve worked with a variety of credit scores and histories before so there’s no need to worry about your credit situation with us. For those who aren’t familiar with the finance terms revolving around auto loans, this is for you. We’ve created a small summary of the terms you’ll hear us use in the office, so once you’re ready to talk financing, you’ll be ready to go.

Usual Vehicle Finance Terms

Each loan is different and tailored to your specific needs, but what we consider a “normal” loan term (or length of time for your loan) is 36-72 months. That means most have three to six years to pay off their loan, plus interest. Your interest rate and loan term depends largely on your credit score and amount available for a down payment. Longer terms (like the 72-month loan) will have smaller payments, but the interest rate will be much higher. Most lenders recommend (ourselves included) selecting a shorter loan term (like a 36- or 48-month term) for several reasons, including lessening your chance of being “upside down” on your loan.

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Financing with Steve White Volkswagen

If you’re ready to drive home in your new Volkswagen, apply for financing using our quick, online pre-approval form. It’s just a few steps, and what’s even better? It’s secure. All of your personal information will be protected, and once you’re through, you’ll be contacted by a member of our finance team.

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We make auto financing easy. If you have any questions or want to know more, give us a call or stop by our dealership at 100 Duvall Drive, Greenville, SC 29607. Steve White Volkswagen proudly serves customers from Asheville, NC, and Columbia, Spartanburg, Anderson, SC, and throughout the Upstate.