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What is APR in a car loan?—Learn more about Honda financing at Prime Honda – Boston, in West Roxbury

If you're planning to purchase a new Honda, unless you'll pay cash upfront, you'll likely be taking out a car loan. This loan is paid back with interest over a predetermined number of months, and interest is the fee the lender charges to issue the loan. However, the interest rate doesn't tell the full story regarding a loan's actual cost. For that, you'll need to know the APR, or "annual percentage rate."

What's the difference between APR and interest rate?

While a car loan's interest rate is the amount charged by the…

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