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Understanding Financing Terms in Summerland: What Does OAC Mean?
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(Posted on Mar 1, 2022 at 12:32AM )
The terms and phrases used within the auto financing industry can be perplexing to shoppers, especially first-time buyers or those who have never borrowed before. If you’re considering a vehicle purchase, you may have come across the acronym OAC in car advertisements – but do you know what it means? You’ve come to the right place. With Skaha Ford’s Easy Deal in BC, we explain confusing jargon in plain language to help you make an informed and confident purchase decision.OAC is a short form for On Approved Credit. This term is often used with an attractive monthly payment or low-interest rate like 0% Annual Percentage Rate (APR) financing. The lender will consider your credit score to get approved for these special financing offers. If you have excellent credit, your chances of getting approved are higher – however, it may be challenging to get approved for 0% APR financing with a low credit score.
But that doesn’t mean that you should not apply for auto financing. With Skaha Ford’s Easy Deal, you are in the driver’s seat. Not only do you get to choose a new or used model from our extensive online inventory, but you select your financing options and add-ons. We also offer real-time credit approvals for a fast decision. It’s the no-hassle, no-pressure automotive experience you’ve always hoped for.
Contact our team in BC to learn more.
