This site was designed for the latest version of Chrome, Firefox, Safari, and Internet Explorer (version 10+). Some features may not work correctly in your browser. OK

Common Finance Terms

Commonly Used Finance Terms
When it comes to buying a new car, you need to know what you’re getting into. And when it comes to understanding what documents you’re signing, we at Carl Hogan want to make sure you understand what you’re agreeing to. We’re often asked what these financing terms mean, so we’d like to share their definitions with you.​ 
Default content goes here!
APR
Stands for annual percentage rate, or how much interest you will pay on a loan over its entire length.​ 
Depreciation
The difference between the initial cost of the car and what value it still possesses after a given time.​ 
Down Payment
The amount of money you pay immediately when buying or leasing a vehicle.​ 
Equity
The value of your car in comparison to how much you still owe on it (could be good or bad).​ 
Gap Insurance
Financial protection that covers the difference between the value of your car and how much you still owe on it.
Lease
Instead of owning your car, you borrow it from the dealership for a set cost and length of time.
MSRP
The price which a manufacturer recommends that a dealership sells a car for.
Principal
The total money you still owe on the original cost of the car, not including interest or other fees.
Default content goes here!
Still have questions? No problem! Contact us or come in and talk with one of our finance representatives. We would be happy to explain anything that is unclear so that you are well informed on the terms of your new vehicle from Carl Hogan!

Credit Application


1
Applicant Information
2
Housing Information
3
Employment Information
4
Signature
Applicant Information
Housing Information
Employment Information
Signature

Applicant Information

Housing Information

Employment Information

Signature

By submitting this credit application, I verify that the information provided is complete and accurate to the best of my knowledge. I further authorize an investigation of my credit and employment history. I also accept the terms of the Privacy Policy.
- + Disclaimers