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When you take out an auto financing loan in Harvey, interest payments are added to the total amount you pay. If you’re unsure about how to calculate interest rate on a car loan, it can be hard to estimate your monthly payments. In the guide below, the Ray Brandt Kia auto finance experts show you how to calculate auto loan interest on your next vehicle purchase — so you can get financing ASAP!
Before we dive into the details of how to figure interest on a car loan, let’s define an interest rate. When you finance a car, you’re buying it on credit. Your lender — whether a national bank or Marrero credit union — is actually footing the bill. Interest is essentially a fee you pay for the right to buy a car with money you don’t yet have. Knowing how to calculate interest rate on a car means getting familiar with the financing process and the factors that influence interest rates:
Curious about how to calculate auto loan interest the easy way? Just use the following formula to figure out the amount of your first payment:
(interest rate ÷ number of monthly payments per year) x present loan balance
Your interest rate will change as you make repayments on your loan. Here’s how to calculate interest rate on a car after you’ve begun to pay toward your principal:
Knowing how to calculate auto loan interest yourself will help you stay on top of your finances and budget, but don’t hesitate to call our finance center with any questions. Our finance experts are happy to help!
If you’re not confident about how to figure interest on a car loan on your own, our friendly finance team in Harvey can provide all the auto financing info you need. Give us a call for tips on getting a good interest rate, financing with damaged credit in New Orleans, and much more.
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