What are the costs associated with getting a car loan?

The primary cost associated with getting a car loan is the interest, which is charged at either a fixed or variable rate.

You could also incur administrative charges, such as those for documentation, processing of a financial plan through a third party, and licensing.

In addition, there are usually sales taxes, as well as title and registration fees. Once-off fees for specific services should be explained in detail within your agreement or contract. Therefore, make sure to review all the terms before signing.

Read other Q&As

• How much can I borrow for a car loan?
• How long does the car approval process take?
• What are the minimum requirements to qualify for a car loan?
• What down payment is required to get a car loan?
• What personal information is needed to get a car loan?