Car Loan Rates

How much you pay for really?

Banks and offer a wide range of loans designed exclusively for the purchase of a vehicle. These are loans with amounts ranging from 3,000 to 60,000 euros, with maturities from 5 years to 10 and with an interest rate of around 9%.
But know this interest rate is not enough to get an idea of how much it will actually cost financing a vehicle. As discussed Bankimia experts, when it comes to choosing a good car loan must take into account not only the interest rates applied by different entities, bank fees.
To decide the loan that best suits our needs is advisable not to look only at the interest rate charged by the bank for lending money, ie the nominal interest rate (TIN). This does not reflect the real cost of financing, although it will serve to calculate the monthly payment of the loan and the interest that will end up paying.

Car loan rates for the actual cost of the loan is always advisable to consult an amortization table. The best way to know exactly what the total price we pay for our car financing will be through the APR, ie the Annual Percentage Rate. This indicator reflects the cost or effective yield of a loan taking into account all banking elements; the APR, plus interest, including the main committees.
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What will I pay for a loan for the car?
If, in addition to interest rates, we consider commissions applying bank or financial institution for processing the loan, we see that its price will rise slightly.
So, let's see what the real cost of a loan for a car of 8,000 euros, to a repayment term of four years, with a fixed interest rate of 10% and a fee of 1% and a study commission 0.5%.
This loan results in a monthly fee of 202.90 euros and generates a total interest of 1739.25 euros; ie, we'd be talking about 9739.25 euros. If this figure we add 1% of the opening committee, which is applied to the prestado- capital, we must add 80 euros more than the previous figure: 9819.25 euros. To this number must be added another 40 euros, corresponding to the study group (0.5% over the indicated percentage, 8,000 euros). Thus, our loan of 8,000 euros for four years and an interest rate of 10% has a total cost of 9859.25 euros, a figure that exceeds USD 9739.25 for the principal and interest and reflects the amount involved in the recruitment actual loan.
With these keys, you can now calculate how much it will cost really the loan for your car and if it's worth ... If so, go ahead! You will be released your new vehicle within a short time.