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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!
For the 2021 model year, there are 12 different Jeep Wrangler configurations to choose from. Whether you’re stuck between the Wrangler Sport vs. Wrangler Sahara or the Wrangler Sahara vs. Wrangler Rubicon, take a look at our guide to the Wrangler trim levels below to find your perfect match for the Kansas City roads. View Wrangler…
Whether you’ve got big jobs or big boats to take care of, Kansas City light duty truck drivers should give the 2021 RAM 1500 a second look. You’ve got up to 12,750 pounds of towing capacity when properly equipped, more than you can get on the Ford F-150 or the Chevy Silverado. We’re here to help…
Light-duty trucks like the 2021 RAM 1500 are perfect for hard workers in Kansas City or just people who want something nice in the driveway. The RAM 1500 trim levels are some of the best truck models you can buy and Lee's Summit Dodge Chrysler Jeep Ram is about to give you the full scoop on them. RAM 1500 Inventory Contact…