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This means Annual Percentage Rate and simply refers to the overall amount of interest you are paying on your loan taking into account any deposit, part exchange, length of contract etc. This can be confusing as you can a higher APR on one loan but a lower monthly payment.

The actual payment is worked out using a FLAT rate so whenever you are comparing loans always ask what the flat rate is. The flat rate means the exact rate of interest you are paying every year on the loan.

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11y ago

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