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If you're in the market for a reliable vehicle with plenty of utility, consider purchasing a used truck. 

When it's time to purchase your next vehicle, financing a used car can be a smart and affordable option. At Philpott Pre-Owned Super Center in Nederland, TX, we make the process of financing a pre-owned vehicle simple and hassle-free.

How familiar are you with auto finance terminology? If you're like many buyers around Nederland, it's not something that rolls off the tip of your tongue. But it can be after today with a few of the most common terms Philpott Pre-Owned Super Center has to share!

First, the "annual percentage rate" is the total cost you will pay each year to borrow money from a lender. This amount includes interest and fees associated with the loan. 

Here are some of the frequently used auto financing terminologies that you should know before going to a dealership:

Fair Debt Collection Practices Act – it is illegal for third parties to collect debts for another person or company, thanks to the federal debt collection practices.

Guaranteed Asset Protection – It is also abbreviated as GAP. When a person has negative equity or is underwater on their auto loan, there are products on the market designed to safeguard them in case an accident occurs.

Lease – paying in installments rather than in full for a vehicle, 

At Philpott Pre-Owned Super Center, our team wants you to make an informed vehicle purchase. You need to choose a price range before you speak with a used car sales associate in Nederland, TX. When you have a budget, you can negotiate a great deal.

Know the value of the used vehicle. Be prepared to hear a higher price during the negotiation. You should know the price of the optional features before you start haggling. Always be ready to walk away from an unacceptable offer. You will get a good price if you are not attached to one vehicle. 

Whether you refinance or trade in your vehicle, you are essentially renegotiating the terms of your current loan. Refinancing a loan may allow you to cash in equity in the vehicle or get a lower interest rate. In some cases, you may want to condense the loan term to accrue equity faster.

Trading in a vehicle allows you to use your equity toward the purchase of a new car or truck. Trade values are negotiated at a dealership and based on the condition of the vehicle and other factors. The loan on the current vehicle is paid off or rolled…

While buying a new car may be an attractive idea, there are a lot of disadvantages that come with it. People who spend tons of money on a new car are actually setting themselves up for a lot of disappointment a few years down the road. While people may feel prestigious in a new car, they are actually a lot wiser in a used car.

There are sources that say that the value of your car will decrease by 54% within three years. Therefore, you are not only spending a ton of money trying to pay it off, but you…

If your finances change and you can't keep up with your payments, then you may be pressured into a car repossession. This can hurt your credit immensely, so it's best to refinance or trade in your vehicle. However, one option is better than the other if you want to avoid debt completely. If you trade in your vehicle, you'll likely get a less expensive vehicle that is capable of meeting your budget.

However, you need to know the value of the vehicle first. This means that you should get an appraisal. If you trade in your vehicle…

At Philpott Pre-Owned Super Center, we want Nederland drivers like you to have a pleasant experience while shopping for your used car. That is why we offer hundreds of the vehicles from our collection with a CARFAX Vehicle History Report®. It is our way of assuring that you have the utmost transparency with your next purchase.

Millions of listings, free history reports, and great deals. We’ll #fistbump to that. Start your search now at https://t.co/kImew9vsjs. pic.twitter.com/dh0mxG9FIF

— CARFAX (@CarfaxReports) July 24, 2017

Knowing that you will be able to comfortably afford your vehicle creates a feeling of relief. Falling behind on a loan has many negative consequences; we don’t want our customers to have to deal with that, so we offer pre-approval for loans.