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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.
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.
For example, you’ll save $1,000 in interest charges on a $20,000 loan with a 5 percent APR if you pay it off in 48 months versus 60 months. 36-month term 48-month term
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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The average car loan term is 68.48 months for a new car and 67.41 months for a used car, or close to six years, according to Experian data. The average length of auto loans for new and used ...
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