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What is financing, APR, and MSRP on a car loan?
What do APR and MSRP mean? I keep hearing commercials on the radio about financing, APR, and MSRP on cars and car loans.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“MSRP is the manufacturer’s suggested retail price. Also known as sticker price in the car industry, this is what an automaker expects
dealers
to sell the car for. It doesn’t always mean that this is the bottom-dollar price, as you can certainly haggle.
APR is the annual percentage rate, which is the interest rate plus any fees or extra charges you pay rolled into a percentage. This number will always be a bit higher than your actual interest rate, as it factors in the other expenses.
Financing is just the term used to describe getting a
car loan
. So if a dealership offers financing, that simply means that you can get a loan with them or through one of their lending partners.”View full answer
- Gregory R.
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