FAQs: Making Payments
What does "PTI" stand for?
The payment-to-income (PTI) ratio is a percentage that describes your car payment in relation to your pre-tax income. As an example, if your monthly car payment is $300 and your gross monthly income is $3,000, then your PTI is 10%. Lenders usually look for a PTI that sits at around 15% when considering how large to make a loan, but this is just one of a host of factors that go into the process of securing the best financing options your unique situation.
What does "POI" stand for?
When applying for an auto loan at Clement Supercenter, you may be asked to provide "POI," which stands for Proof of Income. This is an important step that helps our trusted lending partners confirm the income information you provide.
To make the process smooth and straightforward, here are some commonly accepted documents you can use to verify your income:
- Recent pay stubs from your employer
- Official bank statements showing regular deposits
- Your most recent federal tax return
- A W-2 form from your latest employer
- Providing accurate proof of income can help speed up the approval process and ensure you qualify for the best financing options available.
What does "POR" stand for?
"POR" stands for proof of residency and is a tool that aids our stable of high-quality lenders confirm your residency during the car loan application process. Some common examples of proof of residency include:
- Vehicle registration or title
- Voter registration card
- Utility or telephone bill
- Selective Service card
- Checking or savings account statement
What does "APR" stand for?
APR stands for Annual Percentage Rate, and it’s a key term to understand when financing a vehicle at Clement Supercenter. Your APR represents the total yearly cost of borrowing money, including the interest rate and any additional loan fees. It’s expressed as a percentage and gives you a clear picture of what you’ll actually pay over the life of your auto loan.
A lower APR means lower overall borrowing costs, which is why it's important to compare rates and work with a trusted dealership like Clement Supercenter to secure the best deal. Knowing your APR helps you make smart, informed decisions about your car financing.
What does "ACV" stand for?
ACV stands for Actual Cash Value. At Clement Supercenter, we use ACV to determine the current market value of your vehicle based on what it would sell for at major auto auctions today. This figure helps us estimate how much we could realistically recover if your car were sold through an auction network.
Understanding your vehicle’s ACV is important when trading in your car or applying it toward a new purchase, as it reflects its true market value—not just the book price. It's a key factor in determining fair trade-in offers and loan values.