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...
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Facts about loan estimate Form: What You Should Know
Mortgage Loan Estimate Explainer A loan estimate is an informative page which contains information about the property you are considering buying, showing which property features such as size, and other property features and characteristics are compatible with your needs.
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