Compare the terms

Check out this example: with the longer-term loan, the total cost is more than $1,100 higher because you’re paying more in interest.

Term comparison

Loan amount of $10,000 and 10% Annual Percentage Rate (APR)

About the loan Loan A Loan B
Term 25 months 49 months
Monthly payment $450* $250*
Total cost of loan $11,106 $12,215
Total interest paid $1,106 $2,215

*Please note: the final month’s loan payment may vary from the regular monthly payment.

Note: Lenders will often offer you options for the term. You might consider a longer term loan to get a lower monthly payment that you can comfortably manage to pay.

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