APR stands for Annual Percentage Rate. This indicates the total cost of borrowing for your auto loan. For example, if you purchased a $10,000 car, with a 5-year loan and your interest rate was 10%. Your total cost of borrowing would be $2748.23, and you would end up paying a total of $12,748.23 for the car. Unlike mortgages, auto loans are not front-loaded. This means that you do not pay more interest than principal upfront. Get pre-approved in seconds
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