Important Fact #3

The longer your loan term the more you will pay.

  • Term is the amount of time you take to pay back your loan.
  • Because interest is added to your loan every day, the more days you have your loan, the more you will pay overall.
Important Tip! The longer your loan term, the lower your payment. Many people make the mistake of only thinking about a low payment when borrowing money. The loan with the lowest payment isn't always the best choice. Always read your contract carefully to determine the true total cost of the loan.