If I were to borrow money from the bank how will this work out?
So I've been wondering, how does interest in banks work? I don't really get it much, and I've been struggling to figure out how to, can someone please help explain the concept to me? Me and my wife have been planning to buy a car so that we could have a better mean of transportation and we thought we could borrow from the bank on a loan for us to be able to afford a brand new car, so if you have the time please help us
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Well whenever you borrow or loan from the bank there will be given a limit to that loan and when you should pay for that specific loan, ranging from months to even a year, but the inability of you being able to pay at the due date will result in a higher amount of interest the following month compared to your payment dues during the deadline. Everytime you will decide to borrow from the bank there will always be an interest in general and you will have to pay for it with an added amount next time around. Hope I helped goodluck in affording that new car!