When shopping for a new car, a dealership will often tell you that they can find...

Transcribed Image Text:

When shopping for a new car, a dealership will often tell you that they can find ways to lower your monthly payment if you decide to finance through them. What are the advantages and disadvantages of going for a longer term car loan, i.e. how does a longer term affect the monthly payment and total interest paid? What steps would you take to find the best car loan for you? How are principal and interest payments structured in amortized loans such as car loans? When shopping for a new car, a dealership will often tell you that they can find ways to lower your monthly payment if you decide to finance through them. What are the advantages and disadvantages of going for a longer term car loan, i.e. how does a longer term affect the monthly payment and total interest paid? What steps would you take to find the best car loan for you? How are principal and interest payments structured in amortized loans such as car loans?

Answer rating: 100% (QA)

Some people assume that the longer they have to pay off a loan the less it will cost them But while long term car loans seem like theyre cheaper becau... View the full answer