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As with other types of loans, the overall cost of a car loan comes down to one major factor: the annual percentage rate. The APR includes both interest and lender fees, expressed as a percentage.
A $25,000 car loan financed over five years at a 4 percent interest rate requires a monthly payment of $460. You can use an auto loan calculator to do the math for your prospective loan.
Average car loan interest rates impact the auto loan you qualify for, and understanding auto loan interest and your credit score can help you make a smart buy.
The borrower then pays off the financial institution the same as for a direct loan. [citation needed] Typically, the indirect auto lender will set an interest rate, known as the "buy rate". The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate".
Buying a car is a major financial commitment, and for most people, it involves taking out a loan. Along with the loan comes interest, which is the cost of borrowing money from a lender. Read Next:...
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