In the market for a new Ford car? Shopping for a new Ford car can be a confusing process, but with the help of our team here at Park City Ford, it doesn’t have to be. Our team is committed to sharing their insider knowledge of the auto industry with you so that you can get the best deal on your new Ford car. Here’s a list of some of the most common finance terms you’ll encounter when you go shopping at our Connecticut Ford dealer.
Leasing: Leasing is a very common finance term, that basically means renting. Essentially, you’ll sign an agreement to lease a vehicle that will require you to make monthly payments. At the end of your lease, you’ll return the vehicle and stop making payments on it.
Default: This word refers to what occurs when an individual fails to comply with the terms of their loan. If a person defaults on their auto loan, their vehicle may be seized. To avoid defaulting, be sure to know the specifics of your auto loan.
Cosigner: A cosigner on an auto loan is someone who assumes equal responsibility for the terms of the loan. This is a good option for first-time car owners or those who may not have the best credit.
Collision Insurance: As the name implies, this insurance is designed to provide coverage in the event of an accident, or collision. This is a great type of insurance to buy in addition to standard auto insurance.
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Hopefully, this list of terms has made you feel more comfortable with the language of the auto industry. If you still have more questions, feel free to reach out to our finance team at our Ford finance center near Fairfield, CT. We can’t wait to help you finance the new Ford car of your dreams!