What is the 0% APR monthly financing charge?
I've read over the paperwork of my 0% APR monthly loan with Nissan. On it, I see a financing charge of $30 for every $1,000 borrowed. What is this monthly financing charge?
“The monthly financing charge on a 0% APR loan is the cost that you’ll pay over the life of the loan.
If you do the math, it should add up to the price of the car plus any extra fees and charges.
The good news is that it’s not a charge in addition to the principal.
Before signing, make sure to budget for car insurance so you can comprehend how much you’ll be paying each month. Lenders require full coverage.
Full coverage can be pricey, especially if you use the lender’s insurance, but you can save money by comparing rates. Using a smart comparison tool like Jerry makes the process easy. Jerry does all the hard work for you, pulling quotes from the top 50 companies and delivering the best deals to your phone in minutes.”
MORE: What is a Car Lien?
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