APR & The New Changes

The new Truth-In-Lending rules that came out on July 30th, 2009.  The article below talks about how it is not a good measure of the best deal for the borrower.  I have been saying this for years.  The APR is supposed to show you the true cost of the loan however it does not take into account all 3rd party expenses.  It also fails to mention that the APR is only as good as the individual entering the numbers in on the good faith estimate. 

APR is very hard to understand and also explain.  The APR allows you to evaluate the cost in terms of a percentage.  In the article they have great examples.  Most will have trouble understanding it and I am happy to walk anyone through determining the best loan for you.