What Affects Your Monthly Car Payment?
When you're buying a car, these 5 key factors determine what you’ll pay each month:
1️⃣ Loan Amount – The price of the car minus your down payment or trade-in.
2️⃣ Interest Rate (APR) – Based on your credit score, lender, and loan terms.
3️⃣ Loan Term – A longer term = lower monthly payment, but more interest over time.
4️⃣ Down Payment – More money upfront = less to finance = lower payments.
5️⃣ Taxes & Fees – Sales tax, registration, and dealer fees can be rolled into your loan.
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