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Posted by Christopher (MONEY FORUMS: 3, Answers: 0)
Asked on September 8, 2015 1:32 pm
The interest rate is how the bank makes money. They loan you the money to buy the car, you pay them back that money plus interest. The higher the interest rate the more you are paying the bank to loan you money. This is one reason it is important to have good credit - people with good credit scores get lower interest rates than people with poor credit scores get!