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What is a finance charge on a car loan?
I was looking over the paperwork on my car loan and I noticed something called a finance charge. What does this mean?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Don’t worry about the finance charge on your
car loan
! It’s a common fee that you’ll find on most every car loan. Finance charges are calculated differently by each lender, but may include one-time fees or even the cost of borrowing money, such as the interest.
If you’re looking over your car loan, don’t forget to consider the car insurance required by your lender. One of the best ways to get the best rates for the coverage you need is through the
Jerry
app—we’ll get you personalized quotes from top providers, so that all you need to do is choose the one that works best for you!Hope that helps!”
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- Gregory R.
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