Auto Financing Loan Questions
Whether you’ve ever bought a new car or not, there are some important things you need to know before you sign on the dotted line. Here are some important questions to ask when you get ready to agree to an auto financing loan .
What is the interest rate? It’s easy to get caught up in the monthly payment. Ask what the APR (annual percentage rate) is on the loan. The APR is the actual interest you will pay on the balance of the loan each year.
Are there loan penalties? Some loans have a penalty attached if you pay it off early. In some cases, there may be possible charges that can occur during the life of the loan. Ask about these.
What am I paying for the vehicle? Get the actual price, right down to the exact cents. You also want to know the exact dollar amount that’s being financed, as well as the exact dollar amount of the finance charge.
The obvious questions are how much each payment is and how many there will be. Again, try not to get too hung up on these numbers, as they only tell a small part of the story. On the other hand, they need to meet your regular budget, as well.
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