FINANCE
Why lower loan payments cost more
The extended term mechanism
Lenders reduce monthly payments by extending the loan's term. This tactic increases the total interest you pay over time.
The total interest penalty
A 5-year term can double total interest paid versus a 3-year loan, even with a seemingly smaller monthly bill.
Calculate your true loan cost
The full report compares APR, total interest, and approval odds for top lenders.
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