
Is it APR or interest? What's the difference? Our finance team at Barber Honda fields these questions daily about auto finance terms. Here's their quick, simple rundown.
Annual Percentage Rate Demystified
The APR on your next auto loan is an amount owed expressed in a percentage. The amount includes loan interest and other fees. Interest is what you pay your lender for letting you use their money. APR fees are additional fees that you pay just for borrowing the money in the first place. When comparing auto financing options between makes, models, years and dealers, compare APR rates…