When it comes to buying a car, you want a trusted dealer that will make sure you completely understand your agreement.
That's why you've come to Bobby Rahal Toyota, where your trust and satisfaction are highly valued. We make it our mission to explain every little detail of the car buying process so you are guaranteed to leave with confidence and a smile after you purchase.
So, what is APR anyway? It stands for Annual Percentage Rate, or the total amount of interest paid on your car loan over one year, including the fees and charges of initiating and maintaining the loan.
This means that an APR is only used when you purchase a car and take out a loan, it is not used for leases.
APR varies depending on the loan offer. Whether it's a good or bad APR really depends on the economy, your individual tolerances, and your qualifications.
A higher APR means higher, short-term payments. A lower APR means a lower monthly payment, but loans of this kind are dependent upon a strong economy and a high credit score for the borrower.
