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When you take out a loan in Centerville or Miamisburg, you are charged interest – but how does this affect your wallet? Find out how to calculate the interest rate on a car loan, and learn how this impacts your monthly payments and total loan amount with the finance team at Voss Hyundai.
Before we go into how to calculate an interest rate on a car, what is an interest rate? When you get a car loan, the lender owns the vehicle until your loan is paid off in full. Think of the interest rate as the fee that you pay the lender for the duration of your contract. But, the interest rate isn’t the same for all drivers, which is why it’s important to learn how to figure interest on a car loan. Here are a few terms to know before we dive into the calculations:
How to calculate interest rate on a car for the first payment is slightly different than the subsequent payments, so here is the formula for the initial bill:
After you’ve paid your first month, learn how to figure interest on a car loan from this point onward:
Learning just how to calculate the interest rate on a car loan can feel a little overwhelming, but you’re not alone in Dayton. Contact us at Voss Hyundai to learn more about the auto financing process, and whether you’re better off taking a loan at a dealership vs. bank.
Details are leaking out about the 2023 Hyundai Palisade. We’re especially excited about its interior. Full specs aren’t yet available, but we’ve accumulated some details that we want to share with you below. This remarkable SUV is slated to appear on Centerville streets the summer of 2022. Keep reading about what to expect, from the…
The Hyundai Tucson is one of the most impressive vehicles for sale at our Dayton dealership. This is one of the best-midsized SUVs we have for sale at our Voss Hyundai today. Equipped with the latest performance specs and interior features, you’ll enhance your Kettering drives with the 2022 Tucson. But out of the six…
Your next SUV should offer more ways to take on your day around Centerville and Miamisburg, and that’s just what you can expect from the new 2022 Hyundai Palisade towing capacity. So, how much can the Hyundai Palisade tow? When equipped with the proper Hyundai Palisade tow hitch available for all trim levels, this…