The health and safety of our staff, customers, and community is our top priority. Read an important message from Voss Hyundai.
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.
When it comes to compact SUVs that deliver excellent performance and stunning new features to transform your Centerville commute, the new 2021 Hyundai Santa Fe reviews indicate why this ride should be at the top of your list. The automotive world’s top voices weighed in to review the Hyundai Santa Fe and have many praises…
How good is the Sonata gas mileage? This roomy sedan offers an affordable way for Centerville drivers to upgrade their commute, and the savings continue after bringing the new Sonata home, as the 2021 Sonata mpg ratings are very competitive. At the base level, the Sonata gas mileage is an EPA-estimated 28 mpg city/38…
A new sedan should transform your Centerville commute, and you’ll get all the upgrades you need and more when you explore the new 2021 Hyundai Elantra interior. Providing customers with a reliable cabin for everyday errands along with unique Hyundai Elantra interior packages to accommodate your needs, this sedan has it all. Learn more about…