What Does This Auto Financing Jargon Mean?
1. Precisely what is APR or Annual Percentage Rate?
APR is the interest rate expressed annually on the unpaid balance of your auto loan.
2. What factors influence my APR rate?
There are several variables associated with defining APR rates. One element is current economic bank rates, another is credit history, a third is your down payment on the auto loan, a fourth is the quantity you want to finance, as well as the type of vehicle you're financing and the length of your financing contract.
3. What is Fixed Rate Financing?
Fixed Rate Financing is where the finance rate stays exactly the same over the life of the auto loan, making your repayments the exact same over the duration of your loan.
4. What is Variable Rate Financing?
Variable Rate Financing is where the finance rate changes dependent upon market trends, making the amount you pay over the life span of the loan fluctuate compared to market bank rates.
5 .What is Wholesale Rate?
The Wholesale rate signifies the rate at which the assignee acquires a retail installment sale contract from Ghent Chevrolet.
6. Who is the Assignee?
The assignee is the bank that purchases your auto loan from Ghent Chevrolet.