Help With Finance loan?

Usually there will be little difference between an interest rate and an APR. The interest rate is the rate at which the lender will charge you to do the loan. So the lender is charging you 11.49% on the $ they will lend you. However, by law banks must quote you an APR, thanks to Regulation Z(truth in lending). The APR is supposed to give you a bigger picture of what you will end up paying, because it includes lender fees involved in the loan. Not every lender has fees, but some charge various fees, such as loan origination fees(a fee just to do the loan which is separate from the interest they will charge you). So basically, they are charging you fees somewhere, and when you roll that and the interest in together, you are basically paying 14.53%.

Not sure what you meant by explain in pictures but I'll give you an example(and these numbers are random, not accurate).

Bank A will lend you 10,000 @ 10% interest rate and with no fees involved. You end up paying them 1,000 in interest and a total of 11,000 total for the loan.

Bank B will lend you 10,000 @ 9% interest rate with a $250 origination fee. You end up paying 900 in interest, and with the origination fee you end up paying a total of 11,150.

Not ever consumer would do the math to see that Bank A is clearly the better deal(despite the higher interest rate), which is why Regulation Z was passed requiring banks to state the APR as the final rate, because it does the math for the consumer to include fees and gives them a way to compare apples to apples.

I included a calculator link below that allows you to key in fees to determine your final interest rate. It's for home equity but it still does the trick with your loan details. It appears your lender is charging you fees totaling $240.

Lastly, motorcycle loan rates vary between every lender and will run several points higher than a car loan. The reason for that is unfortunately statistics show banks that motorcycle owners are more likely to be involved in an accident and given that it is a motorcycle, the owner is more likely to die... which would leave the bank with a wrecked bike and no living owner to finish paying the loan.

I have been in banking and a loan officer for 5 years and hope this helps.

APR is the actual rate you are being charged. You must have questionable credit to be charged that much interest. There must be add on charges to ger it from 11% to 14%. They must compound the interest from day one.

Before I would sign such a contract, i would ask them to explain not only the APR but why you are being overcharged when interest is available for as low as 4% simple interest (where APR is the same as interest).

The APR should never be more than a tiny fraction of 1% or they are gouging you. They must be calculating the interest daily to get such a huge difference.

If you have any choice, do not take this loan.

Depends on what your contract says and in which state you live. In some states, it is legal to have a pre-payment penalty clause in the loan papers.