Are you wondering, “what is APR financing?” Lincoln of New Bern is here to help. APR stands for Annual Percentage Rate and refers to the cost of borrowing money for a vehicle or home. It differs slightly from the interest rate, in that it provides broader coverage of your financial responsibility, including fees and interest accumulation.
Just like the down payment and term length, APR is negotiable. Here are a few steps you can take to ensure you get the best APR rate every time.
Check Your Credit Score
Your credit score tells lenders how reliable you are to lend money to. If you have a high credit score, you’ll be able to negotiate a lower APR. If your score is lower, you’ll still be able to advocate for a rate you deserve.
Do Your Research
The more you know about market rates, the easier it will be to negotiate your APR. Bring up comparable Lincoln models and competing offers, and you’ll likely see a reduction in APR costs.
Ask About Savings
Many dealerships offer incentives and deals for college students, first responders, and military personnel, as well as rotating deals for all drivers. Research options and ask about savings when you get to the dealership. You never know what savings might be available!
Learn More at Lincoln of New Bern
When it comes to APR negotiations, the most important step you can take is to ask! It’s a good practice not to accept the first offer provided, as there may be many opportunities for more favorable terms. Learn more about vehicle financing, including APR negotiation tips, right here at Lincoln of New Bern.
