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However, the percentage of new car loans in the 61- to 72-month range rose from 38.45% to 40.78%, an increase of 6.05%. ... and the higher the loan's interest rate, the more you'll end up paying.
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.
Unfortunately, he was roped into a two-for-one deal by the car dealers, which meant he took out an additional $11,704 loan to buy himself a 2016 Ford Focus, with a shocking interest rate of 24.39% ...
There is no way around the reality that cars have become a necessity for most Americans who need to drive to work, shuttle the kids to school or even use it for delivery purposes as a side gig....
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".
Average auto loan monthly cost: $452. Used Truck. Average auto loan rate: 11.88%. Average auto loan total cost: $25,956. Average auto loan monthly cost: $451. Used Electric Vehicle. Average auto ...