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

With online lenders, 'auto financing' can be arranged entirely over the internet, offering convenience and sometimes lower rates. An online lender representative might state, 'Apply for auto financing on our website and get pre-approved in minutes, simplifying your car buying experience.'

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.