Financing Details in Auburn, NY
When you're shopping for your first car, it's easy to get lost in all of the jargon. To help you navigate the car-buying process, we've created a guide that covers some common terms you'll encounter when buying a vehicle.
APR
APR stands for "annual percentage rate." It is the total cost of borrowing money, expressed as a percent. It includes the interest rate, along with any additional fees that borrowing money can incur.
Balance
The balance is the remaining part of your car loan that you still owe. For instance, if you have a $10,000 loan and pay $2,000 off, you'll have a balance of $8,000.