CAR FINANCE

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UNDERSTANDING THE TERMS

    • Car Finance: Car finance comprises the different financial products which allows someone to acquire a car with any arrangement other than a single lump payment. The provision of car finance by a third party supplier allows the acquirer to provide for and raise the funds to compensate the initial owner, either a dealer or manufacturer.
    • APR: “Annual Percentage Rate.” It is the annual rate of finance charge you pay for your loan or credit line. For car loans, APR is the rate you pay that accounts for your interest charges plus all other fees you have to pay to get your loan.
    • Monthly Reducing Balance: In the case of monthly reducing balance method, the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.

FREQUENTLY ASKED QUESTIONS

Interest is calculated on a monthly reducing balance basis.