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What is the difference between an interest rate and the Annual Percentage Rate (APR) in an auto loan?

  • Listed: August 12, 2022 2:49 pm
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What is the difference between an interest rate and the Annual Percentage Rate (APR) in an auto loan?

An auto loan’s interest rate is the cost you pay each year to borrow money expressed as a percentage. The interest rate does not include fees charged for the loan.

The Annual Percentage Rate (APR) is the cost you pay each year to borrow money, including fees, expressed as a percentage.

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