auto-financing

Vocabulary Word

Definition

Auto-financing is a type of loan where a bank or finance company lends you the money to buy a car, and you pay back the borrowed money plus interest over a period of time.

Examples in Different Contexts

In credit unions, 'auto financing' provides members with loans specifically for buying vehicles. A credit union loan officer might explain, 'Our auto financing options include low-interest loans tailored to fit your budget and vehicle preferences.'

Practice Scenarios

Business

Scenario:

This new partnership can help us to provide various financing options. We are also planning to offer a 0% interest promotion for early repayment.

Response:

Sounds like a great incentive for customers. Offering flexible auto-financing options could really drive sales.

Tech

Scenario:

We're enhancing the user experience in our car buying app. A calculator could help our users to understand the potential monthly costs.

Response:

I agree, an auto-financing calculator would definitely add value to our app. Let's work on implementing it.