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Vehicle Financing Terms Explained | Ponca City, OK

Making Finance Easy

Financing a vehicle can be a stressful and confusing experience, but it doesn’t have to be. Familiarize yourself with these common financing terms to ease some of your worries over the financing process.

We at Jack Bowker Ford Lincoln in Ponca City, OK are committed to making the financing process as simple and easy as possible. Stop by for a test drive and find your next vehicle at our dealership.


APR stands for Annual Percentage Rate. This is the amount of interest you’ll have to pay on your auto loan every year.

Base Price

The base price is the cost of a vehicle as well as the factory warranty and factory standard equipment.

Credit Score

Before allowing you to borrow money, financial institutions will check your credit score, which is a number that demonstrates how reliable you are when it comes to paying off debts.


The decrease in the vehicle’s value is depreciation. It’s the vehicle’s cost minus the residual value.

Down Payment

The down payment is the amount of money you put towards the total cost of the vehicle when you purchase it.


When you choose to rent a vehicle from the dealership over a fixed period of time, this is called a lease. Leased vehicles require a contract involving certain terms and stipulations, such as mileage restrictions.


The Manufacturer’s Suggested Retail Price or MSRP is the retail price of a vehicle, according to the original equipment manufacturer. Oftentimes, the final cost will not match up with the MSRP due to factors, such as dealer-installed options.


Term is the loan length in months. Shorter terms typically mean higher monthly payments, but a lower interest amount.


When you sell your old vehicle to the dealership, you can get money off the price of your new vehicle. In this case, your old vehicle is the trade-in.
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