What Financial Terms Mean at Peruzzi Mazda
When it comes to car-buying, Peruzzi Mazda is there to help our customers every step of the way. We can help you navigate the models in our Mazda showroom, but we can also assist throughout the financing process. Our finance department is staffed by experts who know all of the ins and outs of this sometimes-complicated procedure. Our Mazda dealers are even available to walk you through your paperwork and answer any questions you have about the financial terms used throughout it.
Lease: This car-buying process involves only paying for the portion of the vehicle’s value that you use over a set period of time (the lease term). When your lease term ends, you simply return the car to our dealership at 140 Lincoln Highway and trade it in for a newer model.
Down payment: The amount of the car’s value that you pay for up front. When you put more money down, your subsequent monthly payments will usually be lower.
Principal: This is the total amount of money you owe on your Mazda car or SUV (not including interest).
Creditor: The person or financial institution that gives you a Mazda auto loan. Our financing experts have built relationships with some of the area’s most trusted creditors over the years.
Interest rate: An additional fee that the creditor places on the monthly payment. It's almost always expressed as a percentage of the total amount of money you owe.
Credit history: This is a record of your finances, including other loans you've taken out, how consistent your payments are, and any bankruptcies you've filed. Our Mazda dealers will reference this record when determining if you’re a good candidate for auto loans.
Depreciation: A gradual decrease in what your Mazda vehicle is worth over time. This value is particularly relevant if you're trying to sell your used Mazda car.
Lien: When a lender legally owns your car until you pay off the debt.
If you have any other questions about the financing process, visit our Mazda dealership near Philadelphia. Our Mazda financing experts are always available to answer any questions you have about interest rates, loan applications, or budgeting tips.