Finance Center Memphis TN 

Finance Center

At Gossett Hyundai South in Memphis, Tennessee, our Finance Center is here to help you navigate the vehicle buying process. We'll work hard to answer your questions, find financing options that fit your requirements, and get you behind the wheel of a vehicle that's perfect for your needs and budget!

Read on to learn more about key terms, credit scores, and other important information you should know about before financing a vehicle.

Common Vehicle Finance Terms

Before you start the process of buying a vehicle here at Gossett Hyundai South, be sure to familiarize yourself with these important vehicle finance terms.

Annual Percentage Rate (APR): APR is the interest rate you'll be paying on your car loan. When you borrow money, the lender charges a percentage of your loan each year.

Credit Score: This number helps lenders understand how risky it is to lend you money. Typically, when your score is higher, you can get more and better financing for a vehicle.

Down Payment: This amount combines the cash, trade-in value, and rebates that are applied to your vehicle purchase. With a higher down payment, you can reduce your loan term or your monthly payments.

Equity: Equity is how much your vehicle is worth once you subtract the money you owe on it. If you could sell your vehicle for $18,000 but owe $10,000, you have $8,000 of equity in it.

Lease: When you lease a vehicle, you're not paying to eventually own it. Instead, you make monthly payments for the use of the car and for its depreciation for a set amount of time. When the lease is up, you simply turn in the vehicle to the dealer.

Loan Term: Your loan's term is the number of months it will take you to pay it off. Loan terms can range from 36-48 months to 72-96 months. With a longer loan term, you'll pay less per month. However, the interest charges may be higher and it will take longer to pay off the loan.

Monthly Payment: This is how much you agree to pay each month for your vehicle. Part of this payment goes toward the principal, or the actual cost of the vehicle after the down payment has been applied. Another part of the payment covers interest charges.

What to Know About Your Credit Score

When it comes to getting the vehicle and the financing you want, your credit score is an extremely important factor. Here's what you need to know about this widely used financial tool.

Your credit score measures your loan risk and credit history: Your credit score is made up of many different pieces of information. The goal is to measure how likely you are to pay back a loan on time. Factors include your history of paying bills on time, the amount of debt you currently owe, how much of your available credit you're using, the number of open loan and credit accounts you have, and how long they've been open.

The higher your score, the better your financing deal: Credit scores typically range from about 300 to 850. When your score is higher, more lenders will be willing to lend you money at a better rate. When you're purchasing a vehicle, this can help you save a significant amount of money.

There are many ways to improve your credit score: If your current credit score isn't high enough to get you the best financing deals, you have multiple options for improving it. Paying bills on time, paying down credit card debt, and successfully paying off smaller loans can help. And if you have credit card accounts open, be sure to keep them open instead of closing them - even if you don't use them. This ensures that your available credit remains high.

You can still get the vehicle you want with a poor credit score: If your credit score is low and there's not much you can do to raise it right away, don't worry! Here at Gossett Hyundai South, our finance team is still eager to work with you, and we can help you get the financing you need (and can afford) for the vehicle you want. 

Your privacy is important to us.

Gossett Hyundai South takes your privacy seriously and does not rent or sell your personal information to third parties without your consent. Read our privacy policy.


Gossett Hyundai South

2660 Mount Moriah Rd
Directions Memphis, TN 38115

  • Sales: 901-405-4930
  • Service: 901-405-4970
  • Parts: 901-405-4972


  • Monday 9:00 AM - 7:00 PM
  • Tuesday 9:00 AM - 7:00 PM
  • Wednesday 9:00 AM - 7:00 PM
  • Thursday 9:00 AM - 7:00 PM
  • Friday 9:00 am - 7:00 pm
  • Saturday 9:00 am - 7:00 pm
  • Sunday Closed