APR stands for annual percentage rate. It is a calculation that allows consumers to benchmark the cost of borrowing. In general the lower the APR the better, although there are factors like whether the APR is variable or not to consider and whether you are comparing like for like. This means if you are comparing a re-mortgage APR with a Hire Purchase APR you do not get a true comparison as they are different types of loans.
APR takes into account the amount of interest you pay and any other fees charged by the provider such as arrangement fees for setting up the loan. It also takes into consideration when and how often interest and charges must be paid.