How to Compare Monthly Payments Against Total Purchase Price When Financing a Car

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When financing a car, compare your monthly payment against the total purchase price by multiplying the payment by the number of months in the loan term, then add any down payment and fees. This total cost almost always exceeds the sticker price due to interest, so it's crucial to see if the extra amount is worth having the car sooner. A lower monthly payment might mean a longer term and more interest overall.