A: APR is the annual percentage rate. The number the amount of interest you pay is based on. A lender sets is rate based off of risk and the cost of money. How much did the lender pay to acquire their money?
Q: What is a compound interest loan?
A: Is a type of loan.....rule of 78
Online car loans:
1.Apply at your convenience
2.No pressure of a sales person directing you to a loan that you are not comfortable with.
3.Allows you to obtain your financing before you go to the dealership. It empowers you like a cash buyer. If you get approved for $30,000 and you take that check to the dealership, it is the same as having $30,000 dollars in cash in your pocket. This equips you with so much more; all you have to do it negotiate the price of the car. You have already done the hard stuff...your homework.
They also make you worry that if you walk way from a deal that you wont get the same price tomorrow that you could get today....that is not true....the longer a car sits on the lot it costs the dealership more money, and the longer it sits on the lot, the better deal he is willing to make.
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