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Car loans are a type of amortizing loan. Let’s say you took out an auto loan for $20,000 with an APR of 6 percent and a five-year repayment timeline. Here’s how you would calculate loan ...
Then, use an online auto refinance calculator to estimate your new monthly payment based on the loan amount, current interest rate, current loan length, and loan balance.
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.
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".
Refinancing a car loan comes with fees that will ultimately impact your overall savings. Before you refinance, talk to your current lender about any fees you'll have to pay, like a prepayment penalty.
Use this helpful guide to understand the fees that come with refinancing your car loan so you're not surprised. Does it cost anything to refinance a car loan? Use this helpful guide to understand ...
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