They might be used interchangeably, but an APR and an interest rate aren’t one and the same. The annual percentage rate represents your total cost of getting a mortgage. The interest rate represents the cost you pay over time to buy that loan. Let’s take a look at the difference between your APR.
Average APR for a Car Loan – The average APR for a car loan is a good figure to know. Visit HowStuffWorks to find the average APR for a car loan.
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Calculating APR. In fact, APR just refers to the entire financing charges on a loan, expressed on an annual basis. The APR takes into account upfront closing costs or loan fees you pay to get the funds. On a home loan, for instance, you might pay $2,000 to $5,000, or even more, based on the value of your property.
· I going to go over how closing costs work if you are buying a home and what you need to know about them before you start shopping around for interest rates. Please contact me.
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An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.
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