Need to replace or refinance your vehicle? Don’t worry—we’ll give you the best offer we have so you can drive away with a great loan, and a smile! Northern Colorado Credit Union has the best auto loans in town, and usually the best rates too. We work hard to find you the most competitive rate, then we personally walk you through the finance process to get you into the vehicle you’ve always wanted.
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There are two basic parts to the total cost of car loan payments: principal and interest.
The principal is the negotiated cost of the vehicle itself.
The interest is the total amount of the costs accrued over the life of the loan based on the principal amount and the stated interest rate.
An interest rate is a basic rate charged to the borrower for the money loaned. The interest rate is normally expressed as a percentage for a one-year period and known as the annual percentage rate (APR).
The down payment is an upfront amount of cash paid by the borrower at the time of the purchase of the vehicle. It is usually expressed in terms of a percentage of the total price. It is not a legal requirement when taking out a car loan, but is almost always required by the lender.