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Allow consumers to compare loans

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Reference no: EM131723930

How does APR (annual percentage rate) allow consumers to compare loans?

Say, an individual plans on buying a new car. The individual will finance the full $30,000 purchase. Two dealer offers two loan terms.

The individual has a 4% interest rate over 72 months. Here, the dealer charges a special $1,000 fee which gets included in the loan so you finance $31,000. The dealer says this relates to the special financing and no problem as it does actually relate to special financing. The APR for this loan equals 5.13%.

For the next, option you can get a 5% loan with no special financing charge having a APR of 5%.

Reference no: EM131723930

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