When it comes to Nissan financing, the more you know, the better. Understanding common Nissan financing terms can help you to feel confident at every step of the purchasing process, so you can more easily find the best car for your budget. Sansone Nissan is here to help, with a closer look at common Nissan financing vocabulary terms to know, including some of the following.

Lease

You’ll have two main financing options to pick from when it comes to your new Nissan vehicle: leasing and purchasing. When you lease a car, you’ll have access to the newest models on the market and lower monthly payments. Leases typically require a high credit score in order to qualify.

Credit Score

Your credit score is an important factor in the vehicle purchasing process, especially when leasing. It tells the lender how reliable you are to lend money to, which is why individuals with higher credit scores tend to have more favorable terms.

Trade-In

One of the financing tools you can use to save money is the Nissan trade-in vehicle value estimator. When you trade in your car, the value of the trade-in vehicle is deducted from the price of the next car, which will lower costs on both the down payment and the sales tax.

Down Payment

A down payment is the amount of money you’re going to put down the day you take home your vehicle. The higher your down payment, the more quickly you’ll be able to pay your car off. It can be useful to follow the 20/4/10 rule, in which you put down 20% of the vehicle cost, pay the loan off over four years, and spend less than 10% of your monthly income on total transportation costs. Our Nissan payment calculator can help you to set your budget, as needed.

Interest Rate

The interest rate is the cost of the loan, as a percentage. While you have the loan out, you are paying interest to the lender for the money, which is why you’ll want to try to pay your loan off as quickly as possible.

Visit Sansone Nissan for Nissan Financing Support

Whatever your Nissan financing needs might be, you’ll find the tools and support you need here at Sansone Nissan. Visit our dealership for more common financing terms, and to pick out the perfect new vehicle today.

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