Ask these questions, no matter what kind of loan you’re applying for

• What is the Annual Percentage Rate (APR) of the loan?
• What is the total amount of interest I’ll pay over the life of the loan (even if they have the same APR, one loan can cost more than another, depending on how interest is calculated)?
• What terms are available?
• Is a down payment or cosigner required?
• Can I afford the monthly payment?
• Will I get a lower APR if I pay by automatic transfer from my checking account?
• Are there late payment charges?
• Are there prepayment penalties?

Lenders usually offer most of this information on their Web sites, along with calculators to help you determine the loan you can afford.