Purchasing a vehicle is stressful, especially when you are working through the jargon of your financing. There are a number of commonly used finance terms you should know as you begin the car-financing process. Here are a few terms that you should know, courtesy of our finance team here at Bill Roberts Chevrolet.

APR: This acronym stands for "Annual Percentage Rate," which is the annual charge you will receive for the loan you receive. This number is expressed as a percentage of the loan, representing the actual yearly costs that will be incurred over the course of the loan. The APR includes fees and additional costs associated with the borrowed money and can vary. It also takes into account the interest rate, transaction fees, late penalties, and a number of other factors.

MSRP: The Manufacturer's Suggested Retail Price or MSRP is a guide figure for a vehicle's price, given by the carmaker. As a guide price, dealers can consider these numbers and sell a vehicle at a price higher or lower, depending on the demand on the car. This is a great number to start with for negotiations.

Direct Lending: When you receive a loan from a lender other than a bank, you are direct lending. Dealership loans are typically a type of direct lending, since these companies allow buyers to take a loan directly through them, rather than through a bank. This makes the loan process significantly easier.