Last updated 1 day 5 hours ago
Loan fees and interest rates can be a little confusing, but just signing on the dotted line without really understanding these factors could leave you paying thousands more for a loan than you really have to. One of the most crucial things to know when you?re loan shopping is the role of APR in the price of the loan. APR stands for annual percentage rate, and it gives you the best look at the real cost of your loan.
Watch this video to learn what APR is and how it can help you land a better loan deal. APR represents all of the fees associated with a loan, expressed as a percentage rate. This rate is added on to the actual interest rate of the loan. Comparing APRs is the best way to compare loan offers, since it shows how expensive a loan really is.
At Jeanne D?Arc Credit Union, we?re offer loans at competitive rates in language you can understand. Let us help you navigate the loan process. Call today at (978) 710-0148.
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Source: http://www.creditunionlowell.com/522844/2012/08/22/personal-finance-terms-101.html
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