Help me understand Finance Charges: Car Loan
Hello, this is my first time ever taking out a car loan. The car was listed for $10,000, I put $6500 down, can someone help me understand how the loan balance is $6,895?
My main question is in the "Finance Charges" does that include the total interest paid over the life of the loan or is this an additionall charge?
I had the money to pay for the full $10k in cash but didn't want to totally deplete my savings so I was looking to just finance a small amount, the salesman told me that if I financed there was a warranty included, but I didn't realize until we were half way through signing that the warranty actually costed extra I believe. I feel like I definitely got swindled a bit and wish I had advocated for myself more but what's done is done.
I'm just trying to come to terms with how a $10k car is actually ending up to be $15,916 as that is way more than I was willing to spend.
UPDATE: The warranty was $2559 and it does look like I can cancel that. After that's taken care of the balance should be around $4500 and I'll be paying that off immediately to avoid the 13% interest.