What is an interest rate?

One of the most common questions we get is “what is an interest rate?”

An interest rate is the percentage rate of the total figure that a debtor (you) will have to pay back as a cost for borrowing the money.

The “best interest rate” for each loan is different; there are a number of factors that affect the outcome of the interest rate that companies quote. Some of these factors include: amount borrowed, lender, vehicle being purchased, financial position of the borrower, credit score, the type of finance and many more.

The interest rate that you receive from Fingo Finance’s Car Finance Shop is the lowest of our 20 plus lenders.

Interest rate isn’t everything

The interest rate is one of the most important factors of a loan, however ultimately it comes down to the repayment figure. If you get a low interest rate it could see, you got a great deal; but with high fees and charges from other companies, you could get a higher repayment figure and end up paying more. At the end of the day, all that matters is what will be out of your pocket.

At the Car Finance Shop we are completely transparent with our quotes, we spend the time to explain what every aspect of your quote is, you should know exactly what you’re paying for.