How Low Rate Car Loans Can Actually Cost More

Buying a new car is an exciting time in anyone’s life. You want to make sure you get the car of your dreams and, of course, you need to choose the best car loan as well. After all, the price you end up paying is not what the car invoice says, it is what the loan costs. Let’s say you buy a car for $20,000 and you get a car loan for that amount over five years at 11% per annum interest. The monthly repayments would be $430.90 and over the five years you would repay a total of $25,853.91, and that is what the car really costs you.
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