Car loan interest explained.
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There are 3 areas of your car loan that affect how much interest you'll pay. How much you're borrowing, the interest rate and the length of the loan. Each of these plays a large role in how much interest you'll pay on your car loan.
In order to understand how much your loan actually costs, you'll need to find a loan calculator online. You simply plug in the amount, the rate and the length, then the calculator will do the math for you. It'll calculate your monthly payment and it'll include the payment (amortization) schedule, so you can see exactly how much interest you'll be paying during the life of the loan.
Car loan interest can be a huge expense, so take a look at your current loan (if you have one) and see if refinancing might be a good move. Rates are currently about 3% right now for auto loans, so if you have good credit and a high rate, then refinancing to a better rate can save you a lot of money on interest.
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