Episode 24: Difference Between APR and Interest

KEY TAKEAWAYS:

  • Interest rates on consumer loans are really important – consumer loans like a credit card, auto loan or mortgage.
  • The interest rate is the amount you are charged on the total debt.
  • APR stands for Annual Percentage Rate.
  • APR includes interest rate, but also fees and closing costs.
  • When looking at two loans side-by-side, you may notice the interest rates are the same, but the APR may different based on the fees and other costs of that loan.
  • When comparing loans, know that the lower interest rate option will save you more money over time.
  • Do your research and know your numbers. It’s easy with GHS by filling out a no-obligation application to have a loan specialist review your numbers and give you a quote. When we say “no-obligation” we mean you can get a free quote and still shop and go with another lender should you chose.
  • GHS is always here for you! Stop in to a branch or call us if you need us at (800) 732-4447.