Auto Loan APR vs. APY — What’s the Difference? There is a lot of confusion about the difference between an auto loan APR and an auto loan APY. However, you need a basic understanding of these terms so that you can make an informed decision when you select an auto loan.
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What to consider before taking out a 0% APR auto loan. Surprisingly, taking out a 0% APR auto loan may not be the best move for your finances. The interest rate on your auto loan is only one of many factors to consider when buying a car.
The better your credit and the shorter the length of the loan, the better the rate. And loans for new cars get better interest rates than used car loans. Geographic location may come into play as well. Some areas have higher interest rates than others.
Annual Percentage Rate, or APR, refers to the total cost of borrowing, as the calculation for APR includes not only the interest rate, but also many other fees the borrower might be charged. So APR is seen as the "effective interest rate," a way for borrowers to compare one loan to another (even if it has some pitfalls ).
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The Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage. The APR is a broader measure of the cost to you of borrowing money since it reflects not only the interest rate but also the fees that you have to pay to get the loan.
EXAMPLE: Interest Rate vs APR. This higher rate is your APR, and it reflects the fact that your loan comes with $200 in prepaid finance charges. So, while you are borrowing $12,200 in total at a 5% interest rate, you are paying about 5.843% per year to compensate your lender for helping you buy your $12,000 car.
Founded in 1999, rateGenius specializes in matching borrowers to auto refinance loans among its network of lenders. If your credit is less than top-tier, your interest rate will be higher. This.
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