First Car Guide for First Time Car Buyers

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Glossary of Automobile Buying and Financing

Glossary of terms related to automobile buying, leasing, financing, driving, and insuring.


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Term Definition
incentives

Car manufacturers frequently offer limited-time promotional deals, called incentives, which can be special low loan rates, 0% loans, rebates, or special lease deals. These are almost always genuine good deals for automotive consumers. However, incentives typically only apply to certain vehicle models and time out in a month or two. Incentives are usually only available to customers with good credit.

 
insurance

Car insurance protects owners from the financial impact of accidents, theft, or destruction. Basic insurance is required in most states.

 
interestFinance charges that apply to a car loan. Interest rates vary by bank or finance company, by type of loan, by customer credit score, and by length of loan.
 
invoice priceThe wholesale price that dealers pay for cars purchased from a car manufacturer. Dealer invoice prices may also include advertising costs and distributor costs. Some people think that dealers should sell cars at invoice price and make no profit.  
 


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