What Does OAC Mean When Buying a Car?


Quick Answer

When buying a car, "OAC" means "on approved credit." A person seeking to finance the purchase of an automobile needs to meet a minimum credit score and associated credit history to obtain a loan.

Continue Reading

Full Answer

Provided the minimum requirement is met in regard to a credit score and history, a person seeking automobile financing oftentimes is able to obtain a more favorable interest rate on a loan with a better credit track record. In addition, a prospective buyer's income is likely to be part of the on approved credit equation. OAC is prevalent in situations in which an automobile dealer finances the sale.

Learn more about Buying & Selling

Related Questions