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Understanding APR Loan Options for New Car Purchases

Written By Devi Kristanti on Sunday, June 15, 2014 | 5:48 PM

There are a number of APR loan options available. These can provide you with the financial support you need to buy a new car.

Cars are an important part of everyday life. They offer convenient and affordable transport for you and your family. Running a car can be expensive so it is important to cut the costs wherever possible.

You could save a lot of money in the long run by opting for a reliable and fuel efficient car. This will cut the costs of fuel and repair bills and make it much cheaper for you to keep your car on the road. A Loan can help you to afford a new car even if you are on a tight budget.

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What are APR Loans?

APR is just a simple way of describing how much it will cost for you to borrow a certain amount of money. The lenders will offer loan amounts at certain APR rates. APR stands for Annual Percentage Rate. This will tell you how much you need to pay back overall including the loan amount you borrowed and the interest. It is important to discuss your needs with the supplying dealer and make sure you get the best APR loan deal for your circumstances.

Paying APR Loans

Loans are typically paid using a monthly repayment schedule. This will be agreed at the beginning of the loan. As the borrower you will agree to pay back a minimum amount per month on the total figure you owe the lender. It is worth asking your lender if you can pay over the minimum amount each month or make additional one-off payments to your loan during the year. This is an effective way to pay back the amount borrowed more quickly and save money on interest.

APR Loan Options

There are a number of options available when it comes to APR loans. It is a good idea to research these options and see how they could benefit you. Here are two of the main loan options available:

- High Interest, Short-Term APR Loan - if you can afford to pay back more money each month on your loan then it is worth considering a short-term loan. Although these are often at higher interest rates you will be able to pay them back much more quickly. This means that overall you could be better off than with a long-term loan.

- Low Interest, Long-Term Loan - this type of loan is ideal for those on tight budgets. Typically the interest is lower and this means lower monthly repayments. However it will take you much longer to repay the loan. This could mean you end up paying more in interest than with the short-term options overall.

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