I wonder where you applied for a car loan. The annualized level of 8.88% is satisfactory, not particularly high, but generally lower than the market average. You need to further calculate the other expenses you need to pay. If you need to pay service fees and handling fees at the same time as paying interest, then you need to calculate these fees into your interest comprehensively, so as to get the most accurate interest. Regarding your question, I will explain it in detail from the following points.

1. Your monthly interest rate is about 7%.

This is actually a very simple math problem, because your annualized comprehensive interest is 8.88%, and there are 12 months every year, so use 8.88? 12 is enough, and the final answer is about 0.74% monthly interest. This kind of interest is relatively formal, and many small partners who buy cars can apply for this kind of loan in 4S stores or banks. If you apply for a loan in a bank, the bank's interest rate may be lower.

Second, I suggest you compare the types of other loan products.

As I said above, the bank channels are more formal and there will be car loans with lower interest rates. Under normal circumstances, you can go to a big bank like China Agricultural Industry Construction Co., Ltd., and there will be preferential policies on the rate, and the annualized interest rate will be lower. If you have good personal credit, you can even apply for a large amount of low-interest loans.

Third, the car loan interest is generally between 5%- 15%.

Under normal circumstances, the car loan interest will not exceed 15%. If formal banking channels can be found, some banks may issue car loans with an annualized rate close to 5%. In addition, many 4S stores have routines when selling vehicles. They will force users to buy additional insurance or designated products. Some 4S stores even designate users to apply for loans from specific lending institutions. You need to be extra careful about these problems.