If you're considering an auto loan, you'll want to know the terminology to help you understand what's being offered. With a quick lesson, you'll understand everything better and will make an educated decision. Land Rover Cerritos in Cerritos, CA is happy to provide you with some quick information about auto financing.

The most important term in auto financing is the APR. It's an acronym for annual percentage rate. This is the interest of the loan expressed as an annual amount. It's often not the same as the interest rate, so it's a great way to compare auto loans to select the cheapest option. A variable-rate loan is also important to understand. It's a loan that can fluctuate based on the index it's tied to. A fixed-rate has a stable payment throughout the loan.

The length of time a loan repaid is often referred to as its "term." It's commonly expressed in months rather than years. If you're looking for a vehicle or auto financing, be certain to talk to the experts at Land Rover Cerritos. We've helped people from Cerritos get financed for a great vehicle, and we'd love to do the same for you, today.

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