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Understanding APR

Finance Department - Conover, NC

An annual percentage rate, most often referred to as APR, is the yearly interest rate of a loan, including any fees you might be charged. Therefore, you want the lowest APR possible to reduce overall costs. When you shop and finance with our dealership, we not only aim to find you great deals on your vehicle, but we’ll also help you find you the lowest rates on financing.

APR vs. Interest

The APR is how much it costs to borrow money. While most people assume that interest rates and APR are the same thing — and this is sometimes true for credit cards — when it comes to automotive loans, you need to be aware of both the interest rates and APR. That’s because APR includes all of the fees for taking out a large sum, including prepaid finance charges for setting up, structuring, and managing the loan.

Types of APR

There are two basic types of APR: fixed and variable. Fixed APR is preferred by many because it will not change over the life of the loan, and is therefore more predictable. Variable APR rates vary based on an index interest rate. It can rise and fall over time, which means it has potential pros and cons. Our Finance Department will work with you to explore all of your options for borrowing money.

Determining APR

Your APR is largely determined by your credit scores. Your credit score ranges from 300 to 850, and is dictated by whether you pay bills on time, how long you’ve had credit, how much of your credit you’re currently using, and other factors. Someone with a higher credit score will get a lower APR. Even if your credit is less than ideal, or if you have no credit, our team of lending experts will find the financing options that work for you.

To learn more about APR — or to kick off the financing process on your next vehicle — give us a call at Village Motors of Conover in Conover, NC.

 

Contact Us

Need more information or have questions? Fill out the form below and let us know how we can help you buy your next vehicle with confidence.
529 1st Street E
Conover
NC
28613

Hours

  • Monday
    9:00am - 6:00pm
  • Tuesday
    9:00am - 6:00pm
  • Wednesday
    9:00am - 6:00pm
  • Thursday
    9:00am - 6:00pm
  • Friday
    9:00am - 6:00pm
  • Saturday
    9:00am - 3:00pm
  • Sunday
    Closed

Contact Information

529 1st Street E
Conover, NC 28613
Phone: (704) 325-6622
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