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The term of your vehicle loan can make a big difference in what your monthly payment looks like. It can also have significant on the amount of interest you'll pay over the course of the loan. You pay interest each month on the outstanding balance of the vehicle loan, so the longer the term of the loan the more interest that you'll pay until the loan is paid off.
If you are thinking about a vehicle purchase or refinancing, Northwest Bank can help you understand your options and next steps.