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Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it offers.
For example, with a loan of $15,000, an APR of 5.00% and a term of 5 years, or 60 months, the total interest would be $15,000 x 0.05 x 5, which equals $3,750.
Shopping around is the best way to compare your options. Here’s what to know.
Credit card interest rates Auto loan interest rate 48 months new autos ... Average loan rate by credit score Q4 2022
The APR is the percentage of a car loan amount you'll pay yearly in interest and fees. Knowing what APR is on a car and how to calculate APR can help you save.
As you can see, on a $25,000 car loan through the manufacturer for four years, your monthly payment would be about $520. A $25,000 car loan financed over five years at a 4 percent interest rate ...
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