What is the Truth-In-Lending (TIL)?

Required by federal Law, the Truth-in-Lending statement provides detailed information about the total charges that you will incur over the life of the loan. It includes the Annual Percentage Rate (APR), the amount of interest you'll pay, the amount financed and schedule of payments, the total of your payments, late payment charges and whether or not the program has a prepayment penalty.

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