Apr stands for annual percentage rate, which is a measure of the total amount of interest due on a loan during one year.
if you borrow money from a financial institution and make regular payments throughout the year with no interruption, your apr usually will be lower than if you miss or skip payments or make larger-than-average payments. the apr in conjunction with cost of borrowing is an important consideration in selecting a mortgage loan because it helps to ensure that monthly budgeting requirements will not exceed income available to service mortgages.
the apr ranges from about 3% for credit cards to 580% for certain high risk instruments found on the swap market.
aprs are calculated for various time intervals such as daily, weekly, annual
what does apr mean when buying a car?
apr stands for “annual percentage rate” which is the annual interest rate charged on the amount financed. basically, it's what you would pay in interest each year.
as we all know we rely heavily on our cars to live life and get around and so understand how important it is to get a quality vehicle–especially when financing your purchase. but an important thing to remember before you sign any contracts with that car salesman that comes up to you, or clicks onto your favorite website–is that the apr varies from company-to-company just like credit ratings vary from person-to-person! depending on size of down payment & length of loan, rates can be anywhere from 2% – 30%. ask lots of questions and
is 0.9 apr good for a car?
it really depends.
this could be a good rate for someone in the military who is stationed in one place and may not want to upgrade their vehicle during that time because it would involve an annual inspection, gas expenses (and if you're driving across country or overseas), and other costs to make sure the car doesn't break down. for someone with more variable needs, like someone who commutes long distances every day for work or does seasonal travel, this might not be ideal because there are much better rates available when you want to upgrade (such as 0% apr).
what is a good apr for a used car?
typical apr's for new cars range from 3.99% to 89%. for used cars, it would depend on the loan agreement and the car history.
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typically, loans below 5% are considered “bad” while those around 15% are “good.” as you'd expect, rates will vary based on the creditworthiness of the borrower, so if you have good enough credit to qualify for a loan with an apr of 5%, then by all means do so! that may be easier than trying to navigate through dozens of websites designed for people who want to buy or sell goods online– or stop by one of many physical flea
