Finance Terms to Know - Springfield, MO

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Corwin Chrysler Dodge Jeep Ram FIAT of Springfield

1025 W Sunshine St
Directions Springfield, MO 65807

  • Sales: (417) 862-9272

Hours

  • Monday 8:00am-7:00pm
  • Tuesday 8:00am-7:00pm
  • Wednesday 8:00am-7:00pm
  • Thursday 8:00am-7:00pm
  • Friday 8:00am-6:00pm
  • Saturday 8:00am-6:00pm
  • Sunday Closed

For many, financing is the most complicated and stressful part of buying a new car. Find your bearings before you get to that step by reading up on some important financial terms that will help you build context and understanding for your next vehicle purchase at Corwin Dodge Ram.

 

Base Price

This is the lowest price of a vehicle, and applies to its lowest trim level with only the standard features, no available options included.

 

Blue Book

This is short for the Kelley Blue Book, an online resource that allows buyers and sellers to search for the current market price of a specific make, model, year, and condition of any car. It's a useful tool for shoppers who are looking for a fair price.

 

Credit

A person's credit is shown in the form of a number, which is calculated based on a person's credit history and used by potential lenders to determine the person's likelihood of paying off a loan.

 

Credit History

This is the record of a person's financial payments, including amounts owed, number of sources of credit, and whether or not payments were made on time.

 

Dealer Incentives

These are incentives created by the manufacturer for dealerships like Corwin Dodge RAM in order to encourage the sales of slow-selling vehicles. At times, dealers pass along these benefits to the buyers.

 

Depreciation

The decrease in a car's value due to its age, mileage, and general wear and tear.

 

Extended Warranty

This is a warranty that goes beyond the limits of the regular warranty from a dealer or manufacturer. The contract may be created by the manufacturer, the dealer, or an independant company to cover specific repairs, and can usually be bought within the first year of ownership.

 

Rebate

This is a discount on the cost of a car that is given out by the manufacturer as an incentive to potential buyers.

 

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