If you are considering buying an automobile, you might want to investigate financing. At Trevor Merren Auto, auto loans are available for many financial situations and individuals with various credit scores. Here are some key auto finance terms that will help make your buying process easier.
If you do not have a high credit score, you might be able to finance a car with the help of a co-signer. A co-signer is a person that will honor the loan if you cannot make the payments. This person is typically a relative or a close friend.
The loan packet will show the annual percentage rate or APR. This number reflects the yearly cost of borrowing the money. It includes the interest rate and loan fees. The principal is the amount you borrowed. The total cost will consist of the principal, interest, and any down payment. The down payment can be cash or from a trade-in.