Auto Loan Comparison

Instructions:
Its time to chops for a loan. Assume you are buying a new for $20,000. You are trading in your
old car and including it in your down payment. Your down payment totals $5,000. The principal
of the loan is $15,000. The repayment period is 4 years. Look for four financial institutions and
complete the table below. This will go in section 3.2 of your portfolio.

Kind of Loan: ___Auto Loan__________ Principal: _____________

______

Repayment Period:

Name of
Financial
Institution

APR

Finance Charge Total Cost

Monthly
Payment

Last national
bank

6.65%

$1,799.00

$18,799.00

$522.19

Online lending
site

5.27%

$1,416.47

$18,416.47

$511.57

Car Dealer

7.24%

$1,964.01

$18,964.01

$526.78

Friendly Finance
Company

13.95%

$3,901.85

$20,901.85

$580.61