Read these numbers together
Compare the annual percentage rate (APR), interest rate, amount financed, loan term, and total payments. APR includes certain borrowing charges and may differ from the stated interest rate.
A longer term changes the trade-off
Stretching a loan may lower the monthly payment while increasing the total interest paid. Use the comparison calculator to see how the term affects an example, then compare it with the lender’s actual disclosures.
Check what is inside the balance
Ask whether optional products or fees are being financed. Request a version without optional add-ons so you can compare. Confirm any down payment and trade-in assumptions in writing.
Is the lowest monthly payment always the cheapest loan?
No. It may last longer or include a larger amount financed. Compare the full repayment cost.
Go to the official source
Requirements and lender terms can change. Use the source below for current details.
CFPB: How to compare auto loan offers