Car Loan Interest Rates Explained (For Beginners)

Auto loan interest explained (for beginners).
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Car loan interest can be very expensive or relatively cheap depending on your terms and the rate you qualify for. You really want to pay attention to how much your borrowing, the interest rate and the length of the loan to determine how much interest your willing to pay on the car loan. You can easily lower your car payment if you extend the length of the loan, but you'll pay more interest on longer loans. So if you qualify for a high interest rate, try to refinance as soon as possible and don't take on a long car loan.

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[shauntellewoods]

You have no clue how much you’ve changed my life. I’m almost 30 and am just now learning the intricacies of interest.

[dopekills]

I was unaware the interest was annual I thought simple meant 1 time this video was tremendously helpful

[SuperBlossom]

Thanks so much for sharing this knowledge 🙏🏻

[ryukirito]

You didn’t tell me how to do the math you just said “download a loan calculator “ I came to learn the math!

[noone]

Buying my first car and this is so confusing. I don’t wanna mess this up. Nor end up ruining my credit score nor end up on the collection. I haven’t brought it yet.

[sukhmeenkourgill]

Thank you so much for the information ✅

[kinglilmeck]

What is the website or application you’re using ( Loan calculator) ? 3:46

[anastasiyayakovenko]

Thank you for very helpful info. So is it better to get a longer-term loan (72 mo @ 3%) and make extra payments to pay it off sooner or get shorter term loan (60mo @ 2%) and make exact scheduled monthly payments

[edgaracevedo]

The 0% interest is interesting. I've read the fine print on advertisement where it says 0% interest and in small print it says an administration fee is charged of $15 per thousand borrowed. It might be best to put a nice down payment and/or pay the sales taxes separate so that you don't finance the taxes. I've seen loan calculators that give you the option to see the loan including the sales taxes or keeping them separate.

[axelsaenz]

I need help with this im confused im 19 about to turn 20 and im looking to get a truck but car loans seem confusing to me some explain to me i would appreciate it.!

[Dash-xujz]

I have a question what if you have a 72 month loan, but instead of paying the recommended amount, you pay twice the amount or more to pay the loan off faster, does that drop the interest rate as well?

[larryjoyjoy]

hello sir i want to buy a and the financed everything is 45000 interest rate is 8 percent how much is my monthly payment for 84 months

[yanwynn]

Can you please explain to me about my recent car loan. Total is 31, 000 and I down 5, 000, so 26, 000 left right? I loan 26 grand and my interest rate is 7.45 % for 72 months. How much do I need to pay interest rate? I just simply debited by 26 grand and 7.45%, is that correct or not? Please..?

[jasminecontreras]

Just found out that after my collision my car was deemed a total loss. I was devastated about it until I analyzed my monthly payment which was $409 a month for 6 years on a $16.5k car with a 21% apr so I was paying $348 towards interest and $61 towards the principal. $12.9k in interest in the life of the loan. Suddenly I’m not so upset about my car getting totaled 😳😂 I definitely got taken advantage of by the car salesman. I guess everything happens for a reason right? I love learning.

[MarioFlores-kiew]

are all car loans the same? I spoke with caravan and they said the interest was on the whole amount

[najim-fx]

Monthly payment most of it gos to the interest. Does that mean the interest gonna be paid off before your principal?

[stg]

How do i know how much is my interest rate?

[justinzemp]

I am new to many of these terms. More definitions would have been helpful. Maybe make them visible in the corners of the screen

[guadalupegonzalez]

I have a question, actually I have a loan of around 8500 dollars and the interest of 14%, can I put like first payment a big amount of money like 5k so it will be less or no in the future? What you recommend

[donaldngo]

Hi there, I have a question if you can please help me answer it, so I just purchased my vehicle after leasing it for 35 months, and decided to finance it for 60 months with a 4.60% interest rate. If I decided to pay my entire amount off, does that mean I will also be paying all that interest charges for the next 60 months that the vehicle is financed for?