At Terry of South Boston, our customers approach us with a variety of questions. One area that many find confusing is auto financing. The jargon used among lenders can seem overwhelming. That's why we've put together an overview of common auto financing terminology for South Boston, VA drivers.

If you have a poor credit history or have yet to establish credit worthiness, you may need to obtain a co-signer. This is a person who agrees to be responsible for your car payments in the event that you are unable to make them. Your credit score is a number that indicates how much risk is involved in providing you with a loan. It takes debt to income ratio into account, as well as your payment history.

Another term you may be confused about is APR. This stands for annual percentage rate, and it's the total annual amount you'll pay when you borrow money. This number is expressed as a percentage and includes both interest rate and fees.