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You already know that when you apply for a loan in Eugene, you’re going to be charged interest. That said, you might be wondering how your interest rate impacts your monthly payments and your total amount owed in the long run. Explore this and more with Clint Newell Chevrolet as we discuss how to calculate interest rate on a car loan, below.
When you’re learning how to figure interest on a car loan, a good place to get started is to explore exactly what interest is, as well as the factors that can impact it. If you’re purchasing a vehicle on credit, your lender owns the vehicle until it’s paid off. The interest rate you pay is essentially a fee paid to your lender in return for borrowing their money to obtain your vehicle. The interest rate you pay is based on numerous factors, including:
When you want to know how to calculate auto loan interest for your first payment, use this simple equation:
The answer you get is the amount of interest you can expect to pay during the first month of your loan.
As you make your payments each month, your balance will, of course, steadily decrease. This means you’ll want to recalculate your new balance each month to work out the interest you’ll pay as you move ahead. Here’s how:
Human error and the need to round your total up or down mean you won’t get an on-target calculation every time, but you can consider this as a good foundation for how to calculate the interest rate on a car loan.
Feeling a little overwhelmed? We don’t blame you! If you have additional questions about how to calculate interest rate on a car, or how to improve your credit score, we encourage you to contact us anytime during business hours. If you plan to finance your car through our dealership near Sutherlin, you can get pre-qualified online.
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