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Making Sense of Auto Finance Terms

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…

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Why it May Be Better to Trade in Your Vehicle

As many people are aware of, owning a vehicle is very expensive. To make matters even more uncomfortable, there is no way to predict whether one is going to have an adequate source of income for paying off their vehicle in the time it would take to pay it off.

It might be better to trade in your vehicle than to refinance it. One of the reasons that it may be better to trade it in is that it may be getting ready to breakdown completely leaving you with a dead vehicle that you may still be paying off.

If…

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Refinancing vs. trading in your car

There are a ton of drivers out there who have refinanced their cars for better interest rates. Sometimes it’s worth it to see what you can get for your old vehicle. In other cases, it would be a better investment to get into a newer car for a better interest rate. In either case, you are looking at changing the spending each month for your vehicle. If you want to get into a good vehicle that you can afford, then you’ll need to check that the interest rate and monthly payments match your budget.

For those drivers who…
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Drive Your Dream Car

Remember that new car that you have been drooling over, but the price is a little outside your budget? This may be your chance to make that dream come true. Consider buying your dream car as a used car with a budget-friendly price tag to go with it. You could make your dream come true.

First, do some research to find out what this car might be going for in a used model, then visit our dealership for a test drive. When you have found that perfect fit for your lifestyle and budget, there's nothing that could stand in…

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I Want To Buy, But Should I Lease Instead?

You have decided on the model of new vehicle that you want. Now you're faced with a relatively different question. Should you lease or buy your new vehicle. There are major differences, and in some instances, these differences make a lot of people nervous.

To purchase a vehicle, a credit company or bank pays the dealer for the automobile, and you make payments directly to the credit company, who now becomes the title holder. At the end of that term, the vehicle is yours.

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