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Understanding Interest Rates and Fees The Role of APR in Car Finance Interest rates play a crucial role in determining the overall cost of your car loan. The Annual Percentage Rate (APR) represents the total cost of borrowing, including the interest rate and any additional fees charged by the lender.
When discussing interest rates and APR, simplify the explanation. These fees can include application fees, origination fees, and prepaymentpenalties, which may offset the savings gained from refinancing. Show them how the interest rate directly affects their monthly payments and the total amount paid over the loan term.
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