My husband is looking to purchase a new car for our business and when he asked the finance person at the car yard about their rates, they only wanted to tell him the monthly payment. Is there a way we can calculate what the interest rate is?

Hello Liz. If you can let me know the following information, I should be able to reverse engineer the data to inform you of the rate.

Amount Financed
Term of loan
Payments required in advance or arrears
Instalment Amount (monthly)
Residual or balloon amount at end
Type of finance being offered ( Chattel Mortgage or Lease)

Please provide the detail to my email finance@AskKen.com.au
Look forward to hearing from you
Regards
Ken Olds
Mortgage Broker
1300 ASK KEN