What is the main factor you should consider to get the best value over the life of a loan?

The best value over the life of a loan is most significantly influenced by the Annual Percentage Rate (APR). The APR reflects the total cost of borrowing, including not just the interest rate but also any associated fees and additional costs over the term of the loan. This gives borrowers a comprehensive view of what they will actually be paying, allowing for better comparisons between different loan options.

While the loan term, monthly payment amount, and fees associated with the loan are important factors, they do not provide as complete a picture of the cost of a loan as the APR does. The loan term affects how long you will be paying back the loan, which can influence the total interest paid, but it does not account for the rate itself. The monthly payment amount might seem manageable in the short term, but without considering the APR, you could end up with a high-cost loan that extends your debt. Similarly, fees can vary widely and may not be immediately obvious in their impact on the overall cost. Therefore, focusing on the APR allows borrowers to make more informed decisions and identify the most cost-effective borrowing option.