Guide to Finance Charges on Car Loans
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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Are Finance Charges on Auto Loans?
Average Finance Charges for Auto Loans
Calculating Finance Charges on a Car Loan
Can You Avoid Finance Charges on a Car Loan?
Paying Finance Charges on a Car Loan
Do You Get Finance Charges if You Are Refinancing a Car Loan?
The Takeaway
3 Auto Loan Refi Tips
Refinancing your auto loan could lead to lower monthly car payments and more money in your budget. Lantern by SoFi can help you find the right auto refi loan for you. Shortening the term of your auto loan may increase your monthly payments, but you’ll likely pay less in interest over the life of the loan. Generally, the newer your car, the lower the refi interest rate. This is because younger cars typically have a higher value than old or used cars — and the car serves as collateral for the loan.
Frequently Asked Questions
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