The difference between an interest rate and APR may end up costing you thousands What’s the first thing you look for when applying for a loan? The interest rate, right? The stated interest rate gets the most attention when we apply for a loan but it may surprise you that it’s not the true cost of your loan. The interest just from that annual rate doesn’t include fees and commissions and may … [Read more...]
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What is a Good APR [and 5 Steps to Get One]
Understanding the difference between APR and interest rate will help you get a good APR for any loan Ever wonder why there is so much technical jargon in lending? You’ve got an interest rate and an annual percentage rate (APR). Your payments are calculated with a formula that only an MIT grad could understand. It’s because that’s how lenders get as much money out of you as possible. The jargon … [Read more...]
