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How do you determine APR on a car loan?
I got a new job recently, and I’ve been trying to calculate how much disposable income I have each month and year. To come up with an accurate number, I need to factor in my car loan repayment. What’s the easiest way to determine the APR on a car loan?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations on the new job!
To determine the APR on a
car loan
, you should ask your lender. Otherwise, you can get a rough estimate by multiplying your interest rate by 12 months.For example, if your interest rate is 3%, you would:
- Convert 3% to a decimal, which is .03
- Multiple by 12
- Convert the value back into a percentage, which in this case leaves you with a 3.6% APR
While reviewing your budget, you may also want to make sure you’re not overpaying for
car insurance
. To get the best rate, you should use Jerry
, an insurance comparison app that shops for low prices with over 50 different insurance companies for free.After providing you with a comprehensive cross-analysis of the best policies across providers, Jerry will handle the phone calls, paperwork, and renewals for your top pick so that you don’t have to. They even help cancel your old policy! So why do all that extra work when Jerry can do it better?
View full answer
- Gregory R.
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