We at Nalley Chevrolet know that it's not always easy to be up-to-date on all of the buying and leasing terminology, and we also recognize how important it is for our customers to fully understand the process.

Here is a short list of common finance terms to help you out when making your financing decisions:
  • Amount Financed: The amount of credit that has been provided to you 
  • APR: "Annual percentage rate," which refers to the cost of credit when written as a percentage 
  • Equity: The difference between your trade payoff balance and its value 
  • Finance Charge: The specific dollar amount that you pay to use credit 
  • Front-Loaded Loans: Loans that are designed so that more of the interest is paid in the beginning, so that the lender gets paid first
  • MSRP: "Manufacturer's suggested retail price," referring to the cost of the vehicle before a dealership adds options 
  • Retail Installment Contract: A finance agreement made that allows you to pay over time, usually at a fixed monthly rate 
  • Trade-In Allowance: An amount of money that is taken off the purchase of a new car, if you trade in your old car
Of course, there is still much more to financing a vehicle than these terms, which is why we have a stellar finance team of professionals who are up to date on all the latest trends and options.

Our finance department at Nalley Chevrolet will be able to help you answer any questions you may have about financing and would be happy to set you up with your new car!