Wood City Motors Finance Center

We're here to help you buy your new vehicle!

Perhaps the most intimidating aspect of getting behind the wheel of a new car is understanding the financing process. Luckily, when you finance at Wood City Motors, the process is entirely clear cut and stress free! That’s because our team works closely with you to be sure you know exactly what you’re getting into from the start. When it comes time to switch up how you drive around Cloquet, trust Wood City Motors to make it possible.

How Does Auto Financing Work?

Car financing in Cloquet denotes a means of getting a new car without purchasing it outright with cash. This may entail leasing a vehicle, which means you’ll drive a car for a set period of time and for a limited number of miles and pay only for the depreciation of the vehicle over that time frame. It may also entail taking out a loan to cover the cost of the car, which you will pay over time, typically with added interest. In either situation, you’ll be making monthly payments.

Auto Finance Vocabulary

APR: The Annual Percentage Rate.
Assignment: A transfer of a loan from one lender to another.
Base Price: The costs of a car with standard equip incentives & freight.
Certificate of Title: A Legal document issued by a state at the time of sale.
Co-signer: A person who takes on a loan if the orig. borrower stops pay.
Default: Failure to meet the terms of the loan.
Interest: A percentage charge for a loan.
MSRP: Manufacturers Suggested Retail Price.
Refinance: When one loan is used to pay off another.
Term: The length of the loan, 24, 48, 60... months.
Underwriting: Verifying the data used to obtain a loan.

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