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When you finance a new car or used model at our Kansas City-area dealership, you are going to be charged interest. After all, every loan has interest! But how does interest affect your total payment? Are you wondering how to calculate the interest rate on a car loan? Today, the team at Lee's Summit Dodge Chrysler Jeep Ram will help you find out how by teaching you how to calculate auto loan interest with our guide!
Want to know how to figure interest on a car loan? When you calculate auto loan interest, use this calculation:
This gives you the amount of interest you pay the first month after you take your car home to Blue Springs or Independence.
Once you’re making payments on your initial principal, it’s time to calculate your new balance, so you can see the interest you’ll pay in the following months. To do this:
While your actual payments and totals may differ slightly, this will give you a general idea of how to calculate interest rates on a car loan.
It’s easy to be overwhelmed when you’re figuring out how to calculate interest rates on a car loan. So let the Finance Center at Lee's Summit Dodge Chrysler Jeep Ram help you! We’ll help you with anything you need to know about auto finance. Whether you want basic information on how your interest rate will impact your monthly car loan payment or want to see how you can take home a new Jeep, we’re ready to help.
For some quick help with interest and payments, take a look at our monthly payment calculator!
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