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Auto Finance Terminology

APR - Short for annual percentage rate, it refers to the total cost of a loan that needs to be repaid, and it always includes both interest and any additional fees if necessary.

Co-Signer - Another person who is required to pay back a loan similarly to how the borrower is required to pay for it. A co-signer can either be a family member or even an acquaintance. It is worth mentioning that a lender should never require a spouse to take the role of a co-signer unless they agree to help with applying for the loan.

 

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