Before you head to Nalley Chevrolet to buy or lease a vehicle, we recommend getting acquainted with some of the most common finance terms you're likely to run into. This will give you an edge in the purchase process and ensure that you are familiar with all of the important concepts you need to know when buying or leasing a vehicle!

Annual Percentage Rate (APR) - This is the rate charged for taking out a loan. When taking out a loan to buy or lease a vehicle, the loan will need to be paid back over a set period of time with interest. APR represents that interest over a year.

Co-signer - If you don't meet the minimum income requirement for a loan or have bad credit, you may need a co-signer to secure a loan for a vehicle. The co-signer must be someone who meets these requirements and will be asked to guarantee the debt in case you are unable to pay it off.

Direct Lending - When you secure a loan directly from a finance company, bank, or credit union and then use the proceeds from the direct lender to pay the dealership for the vehicle. This is the opposite of dealer financing, which is when you enter an agreement with a lender that the dealership facilitates on your behalf.

Manufacturer's Suggested Retail Price (MSRP) - This is the listed price or recommended retail price (RPP) of the vehicle. It is the price at which the manufacturer (such as Chevrolet) recommends that the vehicle be sold.