The asterisk, the acronym, the fine print.
In short, O.A.C. stands for “On Approved Credit”. When you are given a loan payment quote it’s meant to give you an idea of what the loan will cost. While it doesn’t guarantee a rate, it provides an example of what your payments may be. Certain criteria must be met to obtain the loan.
Can you afford to repay the loan? Do you pay your bills on time each month? Do you have some assets to fall back on in case your cash flow changes or that you can use to secure a large loan balance? Your individual financial situation will determine whether your loan is approved and the interest rate you qualify for. If you’d like some tips on improving your credit score talk to us!