Getting the Right APR

Posted: Tuesday, August 8th, 2017

When you finance a new or used vehicle, there’s a lot of important information to keep in mind. You’ll want to make sure you’re working with a reputable credit provider, and you’ll need to you know your budget before you begin. Another key part is your auto loan’s APR. Find out why there’s more to this number than just a percentage rate. Learn more in this guide from Green Light Auto Credit.

Important APR Facts

Green Light Auto Sales Rep and Customer Shaking Hands and Smiling In Front Of New CarMake sure you’re up to date and informed before you finance your next vehicle.

  • APR vs. Interest Rate – Even experienced car buyers might not know the difference between their interest rate and their APR. While your interest rate is the percentage you pay every month, the annual percentage rate (APR) adds in all the other fees you’ll pay. That’s why your APR is usually higher than your interest rate.
  • Credit Score – Individuals with better credit will receive a lower APR. Be sure you don’t have any outstanding bills or unexpected issues by regularly checking your credit score.
  • Read the Fine Print – Be sure to read your auto loan carefully before you sign. Keep an eye out for hidden fees or unexpected additions, and make sure you’re asking the right questions.
  • Come Prepared – Read up on important facts about auto loans so you can discuss your loan terms with confidence.

Secrets to Getting a Great APR

The number one factor that influences your APR is your credit score, but there are other steps you can take to get a great deal on an auto loan. A loan provider like Green Light Auto Credit works with many financial institutions to get you the best value on an auto loan. An in-house finance department doesn’t always offer the same wide selection. In addition, our loans are direct and easy to understand, and we won’t try to tack on any hidden finance costs. Lastly, as a valued member of the St. Louis community, we’re committed to helping our customers get a low APR even if they have less than ideal credit.

Visit Green Light Auto Credit to Finance Your Next Vehicle

Whether you’re in the market for a brand new family sedan, a used SUV, or even a collectible classic car, Green Light Auto Credit can help. We work with a huge network of dealerships in the St. Louis area and beyond to offer a better selection than our competitors. Contact us today to get a great deal on your next car, truck, SUV, or van!