Toyota

11397 Helen Richards Dr.
Directions Gulfport, MS 39503

  • Sales: (888) 484-9509
  • Service: (888) 481-7438
  • Parts: (888) 482-8556
Info

Common Financing Terms

 

So you want to buy a car, but figuring out all the lingo can be like learning a second language. Here's a quick glossary to get you back up on your feet and ready to go shopping.


Amount Financed: The amount of credit given to you.

APR: Annual Percentage Rate; a percentage representing the cost of credit.

Down Payment: An amount of money or trade equity that you apply to your purchase upon buying.

Equity: Your trade payoff balance minus its value; can be a positive or negative number.

Finance Charge: Total amount used when paying credit.

Retail Installment Contract: An agreement that allows you to make a payment over time, in the form of a fixed monthly amount and rate.

Simple Interest: Interest that accrues using a calculation based on the amount of days between payments, APR, and the remaining unpaid balance.

Stipulation: Any additional documents or actions required to complete a transaction; for example, proof of income can be a stipulation.

Term: The amount of monthly payments used by the consumer to pay off a car loan as per the retail installment contract.

Total of Amounts: The total dollar amount paid by the consumer after completing all payments within a term.

Total Sales Price: Total cost on credit of the purchase; includes amount financed, down payments, and finance charge.

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Hours

  • Monday 8:30am - 8:00pm
  • Tuesday 8:30am - 8:00pm
  • Wednesday 8:30am - 8:00pm
  • Thursday 8:30am - 8:00pm
  • Friday 8:30am - 8:00pm
  • Saturday 9:00am - 8:00pm
  • Sunday Closed

Contact

Allen Toyota

11397 Helen Richards Dr.
Directions Gulfport, MS 39503

  • Sales: (888) 484-9509
  • Service: (888) 481-7438
  • Parts: (888) 482-8556