How does APR impact my vehicle purchase in Nashville, TN?

July 20th, 2021 by

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How does APR impact your vehicle purchase in Nashville, TN? Well first, you should know that APR stands for Annual Percentage Rate and that it refers to the annual rate that you will be charged for the money that you borrowed. This means that it is a rate for people who are financing a vehicle with loans. Keep reading below to learn more about APR financing rates and how they affect you with Carl Black Nashville of Nashville, TN. 

How do I know what type of APR financing rate I need? 

Basically, all you need to know in terms of what to aim for is that lower is better. A lower APR means that you are paying less interest on the money that you borrow for your loan. Thus, the very best APR financing rate is a 0% APR deal, which you can sometimes find here at Carl Black Nashville. With 0% APR, you are effectively paying no interest back on your loan. 

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How is APR affected by the number of months on your loan? 

 Oftentimes, a 0% APR will last for a certain number of months prespecified when you sign. A longer period of months means that you don’t have to worry about paying anything extra for a longer period of time. Thus, it is better to get 0% APR for 72 months than it is for 36 months. However, if you plan to pay off your loan before the time ends, then any number of months is fine. 

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How do I apply to receive a 0% APR on my next Chevrolet vehicle? 

Keep checking our current special offers to look for 0% APR financing deals. These are available for qualified customers. Please check with our team during these special offer events to see if you qualify. 

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