Resources

Understand your financing

Short, plain-language explanations of the terms and steps that show up in a vehicle loan.

Guides

Practical guidance

What to gather before you apply

Driver license, recent proof of income, proof of residence, insurance information, and the vehicle purchase order if you have selected a vehicle.

Start an application

How your payment is applied

Payments are generally applied to accrued interest and fees before reducing principal. Your payment history breaks out each portion.

See account features

Paying more than the amount due

Principal-only payments may be available where your contract and applicable law allow. Your account will show whether the option is enabled.

Payment options

Glossary

Auto financing terms

Amount Financed: The amount you are borrowing after the down payment and any trade-in credit are applied.
APR: The annual percentage rate, which expresses the cost of credit as a yearly rate.
Term: The number of scheduled monthly payments in your contract.
Down Payment: Cash you pay up front, which reduces the amount financed.
Loan-to-Value (LTV): Amount financed compared to the vehicle's value. Lower LTV generally means less risk.
Debt-to-Income (DTI): Your total monthly debt obligations compared to your gross monthly income.
Payment-to-Income (PTI): Your vehicle payment compared to your gross monthly income.
Stipulation: A document or condition required before financing can be finalized.
Payoff Amount: The total needed to satisfy the loan in full as of a specific date.
Principal: The portion of your balance that is not interest or fees.

Educational information only. It is not legal, tax, or financial advice, and it does not modify the terms of any contract. Your retail installment contract controls.