Drive Your Used Car Away Fully Understanding the Finance Terms

There are very few things more exciting than purchasing a car. It seems as though you're suddenly filled with a renewed perspective on life! Of course, that feeling comes after you've finished the dreaded financing on your purchase. Be sure that you're in agreement before deciding to drive away!

Are you aware of the term "APR?" The term simply means "Annual Percentage Rate," but it's an important element of your financing. The APR will be the determining factor in how much your used car loan actual costs over the course of the financing terms. In most situations, the APR is determined by your credit rating and score. In short, a great credit score means a low APR, whereas a not-so-good score typically results in a higher APR.

Cox Auto Group has experienced finance managers who want you to fully understand your finance terms. Keep us in mind, as you decide your used car purchase.



Categories: Finance