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What is the finance charge in a financing agreement on a car?
I was looking over the paperwork on a car loan that I'm getting. I came across a finance charge, but I'm not sure what it means. What is the financing charge on a financing agreement?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Financing charges are the total of all the interest, fees, and other amounts you have to pay when signing a loan agreement. Lenders roll this total amount into your
loan
. You may be able to pay cash for some of the fees if you want to. Doing so means you won’t have to pay interest on things like:
- origination fees
- title fees
- registration fees
- delivery
You can check with your lender regarding their financing charges and if you have any additional options for payment.
Don’t forget that when you buy a new vehicle, you will need proper coverage. Use the free
Jerry
app to help you find the best deal. Jerry compares rates from the top 50 companies in under a minute, delivering the best deals to your phone.”View full answer
- Gregory R.
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