Why is the APR considered the most important factor to be mindful of in a car loan?

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01-02-2017
Mathematics

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Why is the APR considered the most important factor to be mindful of in a car loan?

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agaue agaue · Answer 1 · 2018-09-19T19:18:39+02:00

An annual percentage rate (APR) is the annual rate charged for borrowing or earned through an investment, and is expressed as a percentage that represents the actual yearly cost of funds over the term of a loan. For credit cards, the interest rates are calculated at yearly rate. This is called the annual percentage rate (APR).

The interest adds to the total cost of the car.The APR helps the a customer find out the actual value of car.

astha8579 astha8579 · Answer 2 · 2022-02-01T13:38:12+01:00

You can think of APR as the interest which will be applied on the main amount borrowed or investment.

APR is considered most important factor to be mindful of in a car loan so as to know about the interest applied on the car loan.

What is APR?

APR refers to Annual Percentage Rate of the interest on the amount borrowed(loan) or investment amount. It is annual rate and tells about the interest and is expressed in percentage. This is why it is called Annual Percentage Rate.

Why is APR useful in car loan for customers?

APR helps customers to identify the real cost that will have to be paid in a car loan. This prevents customers from misleading advertisements and potential traps.

Thus,

APR is considered most important factor to be mindful of in a car loan so as to know about the interest applied on the car loan.

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