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Any time you take out a loan for a vehicle in Coweta County, you’ll be charged interest, but how much does your interest rate end up impacting your monthly payments and total amount owed? Today, we’ll find out as we go over how to calculate the interest rate on a car loan. We’ve got everything covered when it comes to finance at Scott Evans Chrysler Dodge Jeep Ram.
To find out how to calculate interest on a car, we’ll first need to explain what interest is and the factors that impact it. If you pay for a car on credit, your lender will own your vehicle until you’ve got it paid off. The interest rate you pay is, in essence, a fee you pay the lender for using their money to purchase your vehicle. The interest rate you pay your lender is factored from a variety of sources. This includes:
Here’s a guide on how to calculate auto loan interest:
This will show you what you pay for your first month.
Once you’ve paid down your initial principal for some time, you’ll need to calculate your new balance to work out the interest you pay in the months that come after. To do this:
Now that you know how to figure interest on a car loan, we’d love to help you out with the rest. Want to apply for financing online? Scott Evans Chrysler Dodge Jeep Ram has you covered every step of the way, including the rest of your finance questions. Reach out to us today and we’ll help you out.
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