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Small differences in interest rates on car loans can make a big difference in cost over the term of the loan.
False
True
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GPT-5 mini
AI
True.
Even a small change in APR can add up over time. Example: a $30,000 car loan for 5 years
- at ~3% APR you’d pay about $2,255 in interest total,
- at ~6% APR you’d pay about $4,800 — roughly $2,500 more.
Longer terms or larger principals increase the difference, so shop APRs and consider shorter terms to save.
Even a small change in APR can add up over time. Example: a $30,000 car loan for 5 years
- at ~3% APR you’d pay about $2,255 in interest total,
- at ~6% APR you’d pay about $4,800 — roughly $2,500 more.
Longer terms or larger principals increase the difference, so shop APRs and consider shorter terms to save.
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