The Basics of Automotive Financing
Many drivers in Olathe use financing options to get the vehicle they’ve always wanted. The process of getting proper financing can be confusing thanks to the jargon used. To help you make an informed decision, here’s some information about the basic terms you’ll hear.
When you apply for financing, you’re applying to get a line of credit from a creditor. A line of credit refers to a specific amount of money offered by the creditor, or lender. The specific amount you’ll get may depend on your credit, which refers to your ability to borrow money. It’s represented as a numerical score and is based on past borrowing habits. In addition to the credit line amount, your credit can determine your APR. The APR, or annual percentage rate, is the amount of interest you’ll pay every year for the borrowed loan amount.
Want more information about financing? Stop by Bill George’s Olathe Kia today. Our financing team is dedicating to serving all of your auto needs.