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Auto Finance Terms

Posted on October 21, 2018

Faraz Auto Sales financing

Faraz Auto Sales financing 2

You have done much research and are ready to buy your next new or used car. Do you know how much your credit will impact your buying power?

Credit reports are not only used to determine if you qualify for a car loan. The information in your report also tells lenders how much interest they should charge in the form of an annual percentage rate (APR). The APR is the total amount of interest and fees tacked onto a loan. The percentage rate is largely based on your credit score. Whereas scores in the top tiers (from 700-850) receive the lowest percentage rates, those in the lower tiers (350-600 credit scores) may see higher rates.

It is best to make strides to improve your credit score if you want the lowest APR on your car loan. One of the best ways to improve your credit report is by paying down your debt. Stop by FARAZ AUTO SALES in North York today to learn more about auto financing!

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