When you're ready to finance a vehicle, you want to understand the obligations that you'll have in fulfilling the loan. Here are some terms you should know.
APR, or Annual Percentage Rate, is the amount of interest you'll pay on your loan and based on your credit history. A debt-to-credit ratio determines how much of your total income goes towards paying debt and can influence your payment amount. Financing a vehicle is often the first time someone takes on debt, so a cosigner, a person willing to co-own the loan, can be a valuable resource. Credit scores are considered good if over 700 and questionable if under 600.
Turn to the pros at Tuttle-Click Lincoln in Irvine, CA for financing questions--they can get you into your dream vehicle today!
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