Simple Interest Car Loan… Explained in Under Three Minutes

Simple Interest Loan… Explained in Under Three Minutes

By definition, the name Simple Interest Loan sounds like it would be, well, simple to understand. But without having it correctly explained, the concept of the term can sometimes be hard to comprehend.

Many people have trouble understanding what exactly a simple interest loan is and how it works. That’s why Santander Consumer USA and RoadLoans created the following video clip.

Now through video footage and graphics (and in under three minutes), you can learn how a simple interest loan works. Simply. Explained in detail are such hot topics as principal versus interest and how paying early can save consumers hundreds of dollars.

It’s a great visual representation of a process that can sometimes seem complicated… despite the name. Watch it here and let us know what you think on our Facebook page.

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