Shopping for a vehicle is exciting. You get to choose the features you want, and it's lots of fun to drive off the lot in your top pick. Before driving away, you'll need to take care of the financial details. This can be confusing for many Lynchburg, VA drivers. To simplify the process, check out some auto financing terminology you should know from Terry Auto Outlet VA.

You've probably heard the term APR. It stands for annual percentage rate. This is the total yearly cost of borrowing money, including the interest rate and fees. It's expressed as a percentage. You may also need to be familiar with what is meant by a co-signer. Those with no or poor credit history may need to have a co-signer who promises to be responsible for the loan if the borrower fails to make payments.

In order to determine your creditworthiness, a lender will obtain your credit score. This is a number that reflects your past credit history, debt, and income.