How do bank car loans work?

Learn and understand the 3 major factors that affect your monthly payment and the total amount you'll spend on your loan. How car loans work Bank of America A lower monthly payment on your car loan doesn't always mean you're saving money. read more

Another is the loan term and, generally, shorter loans offer lower interest rates as lenders get their money back quicker. However, a short loan term might mean higher monthly payments. A vehicle’s age also plays a part. New car loans typically have lower interest rates than those for used cars. Money down counts, too. read more