When you borrow money, you’ll also pay interest on top of the amount you borrowed.. Interest is the money the lender gets for loaning you the money. Read Next: 5 Subtly Genius Moves All Wealthy People ...

Your payment is calculated based on your chosen interest rate and repayment period. The type of loan (interest-only or amortizing) will determine the loan payment formula and how interest is ...

Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it offers. To ...