Skip to content
Menu
Copeland Chevrolet Blog
Copeland Chevrolet Blog
Finance Process - Brockton, MA

APR and the Car Buying Process

Posted on June 9, 2020June 9, 2020

Annual Percentage Rate or more commonly referred to as APR, has a direct impact on your car buying process. Often, APR and interest rates are used interchangeably, but they only mean the same thing when you’re applying them to credit cards. APR and interest rates are separate things when you’re talking about securing a loan for your car purchase from Copeland Chevrolet in Brockton, Massachusetts.

“Instead of just including the interest rate, APR can also include fees you may be required to pay to take out the loan. So APR gives you a better idea of the cost of the loan as a percentage,” according to Credit Karma writer Lance Cothern.

Basically, APR represents how much extra you have to pay to borrow money for your car purchase. You need to factor in the APR so you have a more accurate picture of how much your loan will actually cost you.

An APR can have a fixed or variable rate. A fixed APR doesn’t fluctuate. This helps you assemble a more predictable budget. A variable APR does change. Sometimes it favors you, sometimes it doesn’t. You might get a lower interest rate upfront, but based on the activity of the associate index, you could end up paying much more than you planned.

At Copeland Chevrolet in Brockton, Massachusetts, our finance experts will work with you to help you find the most advantageous financing plan during your car buying process.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • The History and Evolution of Chevrolet Trucks
  • Best Chevrolet Safety Features for Your Family in Brockton
  • Tips for Winter Driving
  • 2021 Chevy Silverado 1500 vs 2020 Chevy Silverado 1500
  • Preparing Your Car for Fall

Recent Comments

    Archives

    • February 2021
    • January 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018

    Categories

    • 2020
    • App
    • Brockton, MA
    • Camaro
    • Chevrolet
    • Chevrolet Silverado
    • Chevy
    • Copeland Chevrolet
    • Corvette
    • Holiday
    • New
    • Pre-Owned
    • Service
    • Sportscar
    • Summer
    • Tech
    • Teen
    • Tips
    • Trade
    • Truck
    • Uncategorized
    • Used
    • Winter

    Meta

    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    ©2021 Copeland Chevrolet Blog | WordPress Theme by Superbthemes.com