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Guide to the Common Dealership Terms When Buying A Car

Car Examer

While it’s a helpful starting point, keep in mind you can often negotiate below this, as dealerships sometimes have offers or discounts that can bring down the cost. APR (Annual Percentage Rate) APR is the interest rate on any car financing, shown as an annual percentage.

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Understanding Dealership Jargon: Terms the Public May Not Know

Shawn Ryder

APR (Annual Percentage Rate) The annual rate charged for borrowing or earned through an investment. Upside Down When you owe more on your vehicle loan than the car is currently worth. GAP insurance is crucial if your down payment was low or your loan term is long. Doc fees vary by state and dealership.