A lot of terms can get thrown around when trying to buy a new vehicle. It can be intimidating to new buyers when a dealership uses a bunch of terminologies they aren't familiar with. Let's discuss terms like APR, credit score, financing, pre-approval and more.
We're sure you're familiar with your credit score, but maybe you don't know how it can affect your ability to get approved for financing. Depending on how high your score is, your approval process can go a variety of ways. The higher your score, the lower your APR might be -- but then again, it depends on the dealership.
Dealerships love using the term APR. It stands for annual percentage rate, but all you need to know is that the higher it is, the more you pay. Having a high credit score can help you avoid a high APR.
