Q. How is interest calculated on auto loans?
All of our consumer loans, including auto loans use simple interest calculations. That means the interest is charged on the current balance for the number days between payments. The interest amount paid changes as your balance reduces.
You may check out the calculators
to get an idea of the interest paid on an sample loan. If you'd like an amortization schedule, we can provide you one with the terms you specify. Please call or stop by our office if you need additional information.
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