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As the calendar year draws to a close, car dealerships roll out an array of enticing discounts and promotions, aiming to lure in customers looking for the best deals. As dealerships aim to clear their lots of older inventory, they often offer substantial markdowns, trade-in incentives, and financing deals to attract buyers.
Understanding these terms can help you feel more confident, negotiate better, and ultimately drive away with a great deal. APR (Annual Percentage Rate) APR is the interest rate on any car financing, shown as an annual percentage. APR includes both the interest rate and any fees, giving you the true cost of borrowing.
When you’re dealing with car dealerships, whether buying a new car or getting service on your existing vehicle, you might encounter several terms that aren’t immediately clear. The F&I manager will also offer additional products such as extendedwarranties and GAP insurance. Doc fees vary by state and dealership.
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