If you are new to purchasing a vehicle, it's important to understand the terminology used when it comes to your auto loan. At Jaguar Lakewood in Lakewood, CO. we offer financing solutions to give you the best deal possible when it comes to buying a car. If you are confused about some of the auto finance terminology, we are here to answer your questions.
Your credit score is determined by credit bureaus and is an indication of your ability to pay back a car loan. The higher your credit score is, the lower the interest rate you are going to get when it comes to buying a car. The APR, or annual percentage rate, is the percentage rate of your loan. The lower this is, the better your loan is.
Your monthly payments are based on the length of your loan, your interest rate, and any down payment you might put down to secure the car loan.