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These Cars Are Out of Production and Discontinued for 2022 Bouchard Transportation’s Tugs and Barges Auctioned Off Car chip shortage to abate, smartphones could be next: industry execs New York Jets assistant coach dies following bicycle accident Lightyear One Electric Sedan To Be Produced By Valmet Automotive 1 killed in collision between train, vehicle in Douglas County Washington transportation crew clears Seattle homeless encampment after arrests connected to rock-throwing Texas dashcam shows illegal immigrants pour out of smuggler’s car after pursuit 30% tax credit for electric bikes makes progress in US Senate Automotive Hall of Fame to induct Jay Leno, industry leaders
May
2020
3

How Do Car Loans Work?

A lower monthly payment on your car loan doesn’t always mean you’re saving money. Here’s how car loans work.

Purchasing a car typically means taking out a car loan. If you’re in the market for a new vehicle, you’ve probably spent a lot of time researching car options, but do you have a good understanding of how car loans work? When you take out a car loan from a financial institution, you receive your money in a lump sum, then pay it back (plus interest) over time. How much you borrow, how much time you take to pay it back and your interest rate all affect the size of your monthly payment. Here are the 3 major factors that affect both your monthly payment and the total amount you’ll pay on your loan:

  1. The loan amount. It can be significantly less than the value of the car, depending on whether you have a trade-in vehicle and/or making a down payment.
  2. The annual percentage rate. Usually referred to as the APR, this is the effective interest rate you pay on your loan.
  3. The loan term. This is the amount of time you have to pay back the loan, typically 36–72 months.

How do these 3 factors affect your monthly payment?

A lower monthly payment always sounds good, but it’s important to look at the bigger financial picture: That lower payment could also mean you’re paying more for your car over the life of the loan. Let’s see how adjusting each of the 3 factors can affect your monthly payment:

  • A lower loan amount. Let’s say you’re considering a $25,000 car loan, but you make a $2,000 down payment or negotiate the price of the car down by $2,000. Your loan amount becomes $23,000, which saves you $44.27 per month (assuming a 3.00% APR and a 4-year term).
  • A lower APR. Consider that same $25,000 car loan and let’s assume a 4-year term. One financial institution offers a 3.00% APR and another offers a 2.00% APR. Taking the lower APR will save you $10.98 per month.
  • A longer loan term. Extending a $25,000 loan from 4 years to 5 years (assuming a 3.00% APR) lowers your monthly payment by $104.14, but, you’ll end up paying $391.85 more in interest charges over the life of the loan.

How a lower monthly payment can cost you more

One of the most important things to understand about how auto loans work is the relationship between the loan term and the interest you pay. A longer loan term can dramatically lower your monthly payment, but it also means you pay more in interest.

Consider a $25,000 car loan at a 3.00% APR and a 48-month term. Over 4 years of payments, you’ll pay $1,561 in total interest on the loan. If you extend that same loan to a 60-month term (or 5 years), you’ll lower your monthly payment by $104—but you’ll increase the total interest you’ll pay from $1,561 to $1,953.

Weigh all the factors before

Apr
2020
10

Car Finance | Aussie Car Loans

Are you in the market for a new vehicle?

Whether it’s for personal or business use, Aussie Car Loans will get you a great deal on car finance with a loan individually tailored to you. Celebrating over 30 years in the industry, Aussie Car Loans offer competitive fixed rates for new or used cars, with a fast and simple online loan application and flexible loan terms.

Jan
2018
26

Credit score Union Auto Loans & Vehicle Financing

After you retrieve the difficulty codes out of your vehicle’s on-board computer, now you can test the sensors. The most distinctive feature about this car when in comparison with other vehicles listed, is it has the choice to incorporate all wheel drive. DISCOVER: Beginning April 30th, 2018, driver licence and vehicle renewal notices will no longer be despatched by mail.

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Only one phone at a time can be associated with Sync Services. Next, let’s strive changing the value of gasoline to see which cars cope best with rising gasoline costs. It certain would be terrible when you ran your automotive battery out of power after which couldn’t start your automobile.

Longer automobiles, pick-ups built on a automotive chassis, passenger vehicles with as much as 7 seats and specifically adapted disabled vehicles, 5.01m to 15m long. Most vehicles, with the notable exception of railed vehicles, have not less than one steering mechanism.…