Work out your estimated monthly instalment, including a balloon payment if you want one. Enter the price, your deposit, any trade-in, the term and the interest rate.
A balloon lowers your monthly payment but you still pay interest on the full amount every month, and you owe the balloon as a single lump sum at the end of the term. If the car is worth less than that by then, you will have to find the difference in cash.
The default rate is a transparent prime-plus-spread rate for used vehicles, not a new-car top-tier rate.
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