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How do I compute APR on my car loan?
I'm trying to figure out how much APR I'm paying on my car loan. How do I calculate this number?
Lauren Smith · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Calculating your APR can help you better understand your finances and is always a good idea.
To compute the APR on a car loan, you will use the:
- Interest rate
- Loan amount
- Term length (how long your loan is)
- Additional fees
First up, you’re going to do some addition. Add all your fees and interest for the term length.
Next, divide the sum by your total loan amount.
Then, you will multiply that answer by 365.
Lastly, you will multiply by 100 to arrive at your APR.
If you are unhappy with your APR, note that you may be able to refinance into a loan with a better rate. You can refinance quickly by downloading the
Jerry
app. On average, car owners pay $85 less every month by refinancing.MORE: How to refinance a car
View full answer
- Gregory R.
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