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How do I properly review my car loan agreement?
I'm going to close on a car loan in about a week and I want to be prepared. How do I properly review the loan contract so I'm not surprised by anything?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Although reading a
car loan
contract may seem intimidating, doing a bit of research before closing will help you understand the terms of your agreement and catch any hidden fees before signing.When you’re going over the contract:
- Verify your personal information and vehicle information are correct
- Make sure your payment schedule adds up to the total of payments indicated
- Check for hidden fees: common terms include prepayment penalties, late fees, percentage penalties, precomputed loan, and rule of 78s
If you aren’t sure about the meaning of any terminology on the contract, don’t hesitate to ask the lender for an explanation on the spot.
The lender may try to pressure you to hurry up and sign, but you owe it to yourself to read and properly understand the contract—failing to do so can cost you hundreds or thousands of dollars.
Why pay more than you have to for loans or car insurance?
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- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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