Q:
What Does OAC Mean When Buying a Car?
A:
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 ReadingFull 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.
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