Car loans let you borrow a lump sum of money to buy a car. Then, ... LTV is calculated with this formula: Loan amount / car value x 100 = LTV.

Auto loan interest is the cost of borrowing money to purchase a car. The amount of interest you pay reflects how likely — or unlikely — the lenders think you are to repay the loan.

With this formula, you will easily buy your favorite car and your loan will also be settled easily. The EMI of the loan will never become a burden for you. Understand what is the meaning of 50:20:04.

Under the right circumstances, refinancing your auto loan can help you save on interest, get out of debt faster or lower your monthly car payments. In other situations, a refi may not be worth it.