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Video instructions and help with filling out and completing Facts about loan estimate
I'm Jason with the honest finance Channel and today I want to talk about car loan interest rates if you just came across this content give the video a like and feel free to subscribe to my channel if you want to learn more about financial subjects now on to car loan interest the interest that you're paying on your car is actually really easy to understand car interest rates work the same way as other interest rates you've just got to understand the payment schedule in order to know more about your car loan than most of us do if you want to know more about buying a car check out my other video on the five biggest mistakes of buying a car this video is just about the interest rates so let's pretend that you buy a car at your local dealer for $22,000 and after taxes and fees and all that stuff the total amount ends up costing you $24,000 that you're gonna be financing and let's say that you've got good credit so you end up with an interest rate of 3% and you decide that you want to do the loan for 60 months you're gonna be paying four hundred and thirty one dollars a month on that loan for sixty months now how did I get that number it's really easy you just have to look up a payment calculator online plug in a few numbers and you're done I'll show you really quick on a loan app on my phone the app is literally called loan and all you do is you just plug in the numbers twenty four thousand at three percent over sixty months or five years in the case of this app now take a look down here at the total interest you're gonna be paying on that loan looks like you'll pay eighteen hundred and seventy five dollars on a three percent loan on that car that's a lot of money to be spending on interest and that's a really low rate now let's look at the payment schedule this one's really useful because it's gonna break down the amount of money that you're spending on interest and principal on a monthly basis throughout the term of the loan so from this information you're gonna be paying three hundred and seventy one dollars your first month in principle and sixty dollars in interest now look at month twelve you're now paying three hundred and eighty two dollars in principle and fifty dollars in interest so why are these numbers getting better over time this is happening because as you pay down the principal on your loan you don't owe as much on it anymore and the three percent rate is just charging you interest on what you owe so as you Oh less you pay less an interest it's really not very complicated it's seriously not rocket science I don't want to over complicate things with fancy math.