How do you figure out the APR on a car loan?

Is there a way to figure out the APR on a car loan if I have the other information about the loan? I can't find it on my loan agreement.

Answer
To figure out the APR on a car loan, you can contact your lender. They can provide you with details about your loan, including the APR.
If you’d prefer to do it yourself, you can calculate your APR using the following equation:
APR = (((total fees + total interest / principal) / days in the loan term) 365) 100)
Another option is to use Excel and the RATE function. The equation is as follows:
=RATE(number of payments, payment amount, value of loan minus any fees required to get the loan, final value) 12
After completing your calculations, it wouldn’t hurt to check in with your lender. Getting your APR directly from your lender can give you peace of mind and ensure you’re making good financial decisions.
If you’re worried about your car’s interest rate, consider refinancing with the Jerry app. Download Jerry to see if refinancing your car loan can save you hundreds of dollars per month.
Liz Jenson
Answered on Dec 08, 2021
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