Auto Loans

Quick Answer A pre-approval for an auto loan is a lender's preliminary commitment to lend up to a set amount at a set rate, based on a review of your credit and income. It helps you negotiate because you know your budget and rate before you visit a dealer and can ask the dealer to…

Quick Answer Current auto loan rates are set by lenders from your credit score, credit history, income, debts and down payment, along with the loan term and whether the car is new or used. They also follow market rates, which move over time. Your own rate can differ from any average, so prequalify to see…

Quick Answer Auto loan calculation finds your payment from the amount financed, the APR and the term, and total interest is all payments added up minus the amount financed. A longer term lowers the payment but raises the total interest. The amount financed includes taxes and fees you roll in, and a balloon payment changes…

Quick Answer Refinance auto loan terms save money when the new APR is clearly lower and the total cost, including fees, falls. Fees and a longer term can cancel the saving, so compare total cost, not just the payment. It pays less when little time remains on the loan. Divide the refinancing fees by your…