Learn About Vehicle Financing from Mike Miller Mitsubishi

Head over to Mike Miller Mitsubishi near Morton, IL to check out our selection of new Mitsubishi cars. We’re thrilled to have the 2019 Mitsubishi Mirage in stock ready for you to test drive. And, we’ll handle your entire car buying process here at our Mitsubishi dealership, including financing. Our professional finance center team will take the time to explain the following finance terms and answer any questions.

Finance: When we talk about financing a vehicle, the term finance means you’re borrowing money to purchase the car or truck. And, your finance deal will include things like an interest rate and a monthly payment amount that you pay to the lender.

Principal: The amount of money you need to cover the price of the car you want to buy is the principal. However, you will pay back more than just the principal because of interest, which is explained next. 

Interest Rate: This is how the lender makes money. Think of your interest rate as extra money you pay back on top of the amount you borrowed. Talk to our Mike Miller Mitsubishi finance center staff about the credit factors that can affect your interest rate.

Dealer Invoice: You may hear this term when we have special sales deals. A dealer invoice is the amount of money the dealer pays the manufacturer for a particular vehicle. So, sometimes you’ll hear about incentives that describe prices above or below a dealer’s invoice.

Lessee/Lessor: You can either lease a vehicle or purchase it outright. When you lease, the lessee is the customer and the lessor is the party that owns the vehicle. The lessee makes payments on the vehicle and then turns it back in to the lessor after a certain amount of time.

 

Visit our Mike Miller Mitsubishi dealership soon and discover the perfect new Mitsubishi SUV or car for you. When you take advantage of our customer-oriented full-service dealership, you’ll enjoy a thorough car buying experience which includes plenty of vehicle financing options. We work hard to find the financing deal that works best with your budget. And, you likely won’t need perfect credit or a down payment because we can assist with a variety of credit situations. Talk to us about filling out a credit application or use our convenient online finance application form. You can also take advantage of our Payment Estimator.

We look forward to meeting you soon at Mike Miller Mitsubishi near Morton, IL Our Mitsubishi dealership sales team is ready to provide info on our wide selection of new and used Mitsubishi cars and SUVs. You’ll find us at 2007 West Pioneer Parkway in Peoria, IL. Come by today!