How does interest rate affect my payment? ▼
A higher interest rate increases your monthly payment and the total amount paid over the life of the loan. Even a 1% difference can mean thousands of dollars over a long-term loan.
Should I choose a shorter or longer loan term? ▼
A shorter term means higher monthly payments but you pay less interest overall. A longer term lowers monthly payments but costs more in interest. Choose based on your monthly budget.