Important Auto-Speak Terms to Know When Shopping for a Car

Posted: Thursday, July 20th, 2017

When it comes time to buy a new or used car, it can be difficult to dig through the cloud of jargon you’ll encounter at the dealership. It’s best to be prepared with a general knowledge of auto-speak so you can avoid paying too much or agreeing to unnecessary extras. Luckily, the financing experts at Green Light Auto Credit are happy to shine a light on the subject.

Automobile Terms to Know

Before you go to the dealership, study up on this vocabulary to make a more informed decision.

Green Light Auto Happy Customer Leaning On New Car
  • Base Price – This number refers to the price of the vehicle without any options or added accessories. When you’re figuring out your budget, you’ll want to consider how much you want to spend on options.
  • Monroney Sticker – You’ve probably seen these large stickers on new vehicles before. They include important information like the manufacturer’s suggested retail price, fuel economy, destination charge, and more information.
  • Prepayment Penalty – If you pay off your loan ahead of the scheduled date, you’ll have to pay this fee. It’s worth checking to see if it’s included in your loan package.
  • Dealer Incentives – When a dealership has excess stock of a particular model, they might choose to sell it at a discounted price. Ask the sales department about dealer incentives when you arrive.
  • Invoice Price – When a dealer purchases a car from the manufacturer, this is what they initially agreed to pay. However, it doesn’t reflect rebates and other discounts.

When you ask questions about these particular topics, a dealership will know that you’re an informed buyer. If it’s time to finance a new or used vehicle, get a great interest rate from Green Light Auto Credit.

Put Your New Knowledge to Use at Green Light Auto Credit!

Whether you’re purchasing a car, truck, SUV, or van, the financing experts at Green Light Auto Credit can help put together a competitive financing package. Even customers with bad or no credit can take advantage of our low interest rates, and we can help you figure out the true purchase price of a new vehicle, including many costs that customers rarely take into account. Contact us today to try out your auto-speak on the experts at Green Light Auto Credit.