{"id":352661,"date":"2016-04-04T10:42:05","date_gmt":"2016-04-04T15:42:05","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/consumer\/lemon-law\/understanding-vehicle-financing.html"},"modified":"2024-05-17T09:07:24","modified_gmt":"2024-05-17T14:07:24","slug":"understanding-vehicle-financing","status":"publish","type":"page","link":"https:\/\/www.findlaw.com\/consumer\/lemon-law\/understanding-vehicle-financing.html","title":{"rendered":"Understanding Auto Financing: Options for Funding a Car Purchase"},"content":{"rendered":"\n
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Understanding Auto Financing: Options for Funding a Car Purchase<\/h1>\n
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\n By Natalie Moritz<\/a> | Legally reviewed by Melissa Bender, Esq.<\/a>\n | Last reviewed\n
\n \n <\/i>\n Legally Reviewed\n <\/summary>\n\n
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This article has been written and reviewed for legal accuracy, clarity, and style by FindLaw\u2019s team of legal writers and attorneys<\/a> and in accordance with our editorial standards<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n\n

\n \n <\/i>\n Fact-Checked\n <\/summary>\n\n
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The last updated date refers to the last time this article was reviewed by FindLaw or one of our contributing authors<\/a>. We make every effort to keep our articles updated. For information regarding a specific legal issue affecting you, please contact an attorney in your area<\/a>.<\/em><\/p>\n\n <\/div>\n <\/details>\n<\/section>\n

With prices averaging more than $47,000 for a new vehicle and $27,000 for a used vehicle, most consumers need financing or leasing to buy a vehicle.<\/p>\r\n

While auto financing<\/a> has its advantages, it also means you’ll ultimately pay more for the vehicle due to interest. Before signing a vehicle financing agreement, you’ll want to understand annual percentage rates, types of financing, and the role your credit score<\/a> plays in the process.<\/p>\r\n

This article breaks down what you should know before financing a car purchase. Learn about:<\/p>\r\n