Car Loan Interest Rates Explained (For Beginners)

Auto loan interest explained (for beginners).
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Car loan interest can be very expensive or relatively cheap depending on your terms and the rate you qualify for. You really want to pay attention to how much your borrowing, the interest rate and the length of the loan to determine how much interest your willing to pay on the car loan. You can easily lower your car payment if you extend the length of the loan, but you'll pay more interest on longer loans. So if you qualify for a high interest rate, try to refinance as soon as possible and don't take on a long car loan.

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