Compare interest rates

Now compare the two sample loans below. Note how the interest rate affects the total amount of interest paid.

As for the interest rate, it’s important to shop around. Some lenders may give you a lower rate than others. In general, the shorter the term, the lower the interest rate.
By getting a 5% interest rate vs. 15%, this borrower would save over $3,000 interest over five years!
Always try to get a loan with the lowest interest rate you can. Remember: a strong credit score may help you qualify for a lower interest rate.
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