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For each loan: Monthly payment = P×(r(1+r)^n)/((1+r)^n-1). Total cost = payment × months. Lower total cost = better deal (unless monthly cash flow is constrained).
Compare APR (not just interest rate), total interest paid, monthly payment, fees, and prepayment penalties. Lowest APR = cheapest over full term.
No — longer terms mean more total interest. A $20K loan at 6%: 3-year term costs $2,094 interest vs 5-year at $3,499. Pay more monthly to save thousands.
Origination fees (1-6% of loan), prepayment penalties, late fees, and application fees. Include in your APR comparison for a true cost picture.
A 760 vs 620 credit score can mean 2-4% difference in APR. On a $25K auto loan, that's $2,500+ extra interest over the life of the loan.
Fixed: predictable, better for long-term loans. Variable: lower initial rate, risk of increases. Use variable for short-term loans you'll pay off quickly.
Calculations are for educational purposes only. Consult a qualified financial advisor for personalized advice.