Understanding Auto Financing Terms for Making an Educated Decision

If you need a vehicle and auto financing, you'll want to check out this information. Donnell Lincoln of Salem will help you get approved, and we'd also like to help you understand the terminology used with car loans.

The annual percentage rate (APR) expresses the interest as a yearly figure. It's not always the same as the interest rate, and it'll provide you with a better comparison when choosing an affordable loan. The length of the loan is commonly referred to as its "term." Typically, it'll be between 36 and 72 months, depending on the type of loan.

Variable interest rates offer you a payment that increases or decreases based on the index it's associated with. A fixed-rate loan offers you the same payment each month. We've helped many families obtain financing. Get in touch with Donnell Lincoln of Salem, and we'll help you get your application approved, today.

 

 

Categories: Finance