APR standard for Annual Percentage Rate. The APR is the cost you pay each year to borrow money. This includes fees expressed as a percentage. If you are purchasing a vehicle, you will want to try to find a low APR. Having a lower interest rate means you will save with interest, and you will also pay less every month—but interest rates and APR aren't the same.

What's the Difference Between Interest Rates and APR?

When talking about APR, it's common to hear "interest rate" as well. The interest rate is how much it will cost per period to take out your loan over the course of a loan. Drivers with good credit can get quoted between 2-2.25% or up to 20% with zero or no credit. These factors also depend on the loan term, the age of the vehicle you'd like to purchase, and much more.

The finance experts here at Prime Motor Group can help highlight what works best for you and your lifestyle. Keep in mind; our partners offer these rates. But of course, we are more than happy to discuss which option is going to benefit you and which loan is the best based on your situation.

Visit or Contact Prime Motor Group Today

If you have any questions about automotive financing, interest rates, or APR, you are welcome to reach out to any of our Prime locations across New England. We are proud to assist Massachusetts, Maine, New Hampshire, and Vermont drivers with their automotive financing needs.

Categories: Finance