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What does APR mean for a car loan? – Learn more about Honda financing at Prime Honda 128 in Reading, near Peabody and Woburn

If you don't have the money to pay for a vehicle upfront, purchasing a new Honda will usually involve taking out a car loan, to be paid back, with interest, over a predetermined number of months. When calculating how much a loan will cost, some people may look at the interest rate, which measures the fee charged by the lender for issuing the loan. However, interest doesn't tell the story. A better indicator is the annual percentage rate, or APR.

What's the difference between APR and interest rate?

The interest rate of a car loan is the…

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