A loan’s Annual Percentage Rate, or APR, measures how much you’ll pay for the loan, expressed as a percentage of your loan balance for each year you have the loan. It rolls together all of the fees and interest you’ll pay and expresses it as one number. This makes it easier to compare different loans when you’re shopping around, rather than just relying on the interest rate alone—which doesn’t include any loan fees. If you have great credit, you may qualify for loans with the lowest APRs available.