Automobiles
Shopping for a car loan
Variables include
- Annual Percentage Rate (APR)
- Length of the loan
- Monthly payments
- Total finance charge
- Total to be repaid
Example of how loans can vary
Borrowing $8,000 at different rates
| APR |
Length of loan |
Total monthly payment |
Total finance charge |
To be repaid |
| 10.00% |
36 months
60 months |
$258.14
$169.98 |
$1,292.94
$2,198.52 |
$9,292.94
$10,198.52 |
| 12.25% |
36 months
60 months |
$266.67
$178.97 |
$1,600.15
$2,738.03 |
$9,600.15
$10,738.03 |
| 13.00% |
36 months
60 months |
$269.55
$182.02 |
$1,703.87
$2,921.58 |
$9,703.87
$10,921.58 |
|
 |
|
 |
