What is the Annual Percentage Rate (APR)?
The Annual Percentage Rate also known as APR describes the annual rate applied on a loan for the whole period.
APR calculation includes, other than the monthly payments, all mandatory fees that clients need to pay such as the file fees, stamp fees and life insurance fees.
APR calculation excludes the late payment fees and early settlement fees.
What are the fees that are calculated in the APR for the Car Loan?
File fees, stamp fees and mortgage fees (car insurance fees not included)
Example of the APR calculation for the Car Loan:
- Currency: USD
- Car status: New
(Excluding car insurance fees)