How familiar are you with auto finance terminology? If you're like many buyers around Nederland, it's not something that rolls off the tip of your tongue. But it can be after today with a few of the most common terms Philpott Pre-Owned Super Center has to share!
First, the "annual percentage rate" is the total cost you will pay each year to borrow money from a lender. This amount includes interest and fees associated with the loan. You will see it listed as a percentage. Another common term is the "assignee." When you see assignee, it means the lender who is assigned your loan after approval. They also hold the lien on the title for the car that you're financing. Finally, there's the term "co-signer." A co-signer is different than a co-applicant or co-borrower. A co-signer is strictly someone who agrees to pay the loan if, for any reason, you can't. Typically, it's a family member, parent or close friend.