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In a precomputed loan, the interest on the loan is calculated at the beginning of the financing process. Unlike a simple interest loan, it isn’t calculated on a monthly basis. If you’re considering a precomputed loan, keep the following information in mind:
Find out today if a precomputed loan is the right choice for you!
The biggest benefit of a precomputed loan is that you have a clear picture of your payments for the future. With a simple interest loan, your interest is calculated every month, so it will change over the life of the loan. However, if you choose a precomputed loan, you’ll receive a clear payment schedule, and the payments will be the same every month. If you’d prefer a consistent payment plan, a precomputed loan may be right for you.
A simple interest loan is one of the most common types of car loans, and it offers the following advantages:
As you can see, the main advantage of a simple interest loan is for drivers who pay off their loan early. If you’re planning to make consistent monthly payments over the life of a loan, a precomputed loan is likely a stronger choice.
At Green Light Auto Credit, we can help you decide if a precomputed or a simple interest loan is a better choice for your financing needs. In addition, we offer the following advantages over other financing providers:
Contact us today to get the ball rolling on a precomputed auto loan!