APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans, changes in principal due to the capitalization of interest or presence of a cosigner. Variable APR rates may increase or decrease depending on fluctuations in the One-Month CME Term SOFR Index. Monthly interest rate accrual is based on the published One-Month CME Term SOFR Index rate as of the second to last business day of the previous month plus your applicable margin. If the One-Month CME Term SOFR Index is negative, it will be deemed to be equal to zero. Lowest rate requires application with a cosigner and 0.25 percentage point interest rate reduction for Autopay benefit. Once the repayment period commences, the borrower may enroll in automatic payment. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically deduct your payments each month from your bank account (Autopay).