Buying a new car is exciting, especially when you’re checking out the newest Chevy models at Crain Chevrolet of Little Rock. But before you drive off in that shiny 2025 Chevy Silverado or the sleek 2026 Chevy Equinox, it’s important to understand your car loan terms.
Knowing the basics, like APR, down payment, and loan length, can help you make smart choices. If you’re shopping for a new or used Chevy in Little Rock, North Little Rock, or Sherwood, this guide will explain everything you need to know in simple terms.
What Is APR?
APR stands for Annual Percentage Rate. It’s the cost you pay each year to borrow money from the lender. It includes the interest rate plus any fees.
For example, if your loan has a 6% APR, you’ll pay 6% of the loan amount in interest over a year. A lower APR means you’ll pay less money in the long run. Your credit score, income, and loan length can all affect your APR.
Tip from Crain Chevrolet:
Want a lower APR? A higher credit score or a shorter loan term could help!
What Is a Down Payment?
A down payment is the money you pay up front when you buy your vehicle. It reduces the total amount you have to finance.
For example, if the 2025 Chevy Traverse you want costs $40,000 and you make a $5,000 down payment, you only need a loan for $35,000.
A larger down payment can:
- Lower your monthly payments
- Help you get a better interest rate
- Reduce the total interest you pay
Most experts recommend putting down at least 10-20%, but at Crain Chevrolet of Little Rock, our finance team will work with you to find a plan that fits your budget.
Loan Term: What Does It Mean?
Your loan term is how long you agree to pay off your car loan. Standard loan terms are 36, 48, 60, or 72 months.
- Shorter terms (like 36 months) have higher monthly payments, but you pay less interest overall.
- Longer terms (like 72 months) have lower monthly payments, but you pay more interest over time.
When choosing a loan term, consider how much you can comfortably afford each month.
Other Costs to Consider
Don’t forget that car ownership comes with more than a monthly payment. You’ll also need to budget for:
- Insurance
- Taxes and fees
- Maintenance and repairs
- Gas or electric charging costs
Ask our finance team at Crain Chevrolet in Little Rock for a full breakdown so there are no surprises.
Hot New Models at Crain Chevrolet of Little Rock
Now that you understand your car loan terms, let’s talk about some fantastic new models that just arrived:
- 2025 Chevy Silverado 1500: A robust and reliable truck, perfect for work and play.
- 2026 Chevy Equinox: A stylish and efficient SUV, excellent for Little Rock and Benton families.
- 2025 Chevy Malibu: A classic sedan perfect for cruising down I-430 or commuting to work.
Whether you’re looking for a new family SUV or a fuel-efficient daily driver, we’ve got the right Chevy for you!
Visit Crain Chevrolet of Little Rock Today!
If you’re shopping for a new car in Pulaski County, there’s no better place to go than Crain Chevrolet of Little Rock. Our team is here to help you:
- Understand your car loan terms
- Find the perfect Chevy vehicle
- Secure financing that fits your lifestyle
Stop by our dealership or browse our inventory online today. We proudly serve drivers from Little Rock, Maumelle, Jacksonville, and beyond.
Let’s get you on the road in a new 2025 or 2026 Chevy with confidence in your loan terms and monthly budget!
Apply for a car loan today at Crain Chevy of Little Rock!
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