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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.
You can calculate your total interest by using this formula: Principal loan amount x interest rate x loan term = interest. For example, if you take out a five-year loan for $20,000 and the ...
Thanks to increased sticker prices, higher rates and longer terms (the average auto loan term is 68 months for a new vehicle), car owners owed $1.51 trillion on vehicles, according to 2023 third ...
Edmunds price: $19,990. Loan term: 60 months (5 years) Interest rate: 6%. Estimated monthly car payment: $386
Edmunds. Edmunds.com Inc. (stylized as edmunds) is an American online resource for automotive inventory and information, including expert car reviews based on testing at the company's private facility. The company is headquartered in Santa Monica, California, and maintains an office in downtown Detroit, Michigan. [1]
A good auto loan rate is generally any rate below the average for your credit profile. For drivers with excellent credit, the average rates are 5.07 percent for new cars and 7.09 percent for used ...
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