*Loan,banking and credit>>>auto loan

What is a fixed interest rate on an auto loan?

is the interest applied to the total loan or the monthly payment? whats good and why?

A fixed rate on an auto loan means that the rate you pay will never move. The total payoff will allways be the same.

lign="right" > Sign in to vote!
it is applied to the total loan, or the "total amount financied". a fixed rate means the rate stays the same amount throughout the entire life of the loan and will never change. a variable rate can change to a different amount at will, dependent on the loaner.
lign="right" > Sign in to vote!
FIXED is always best. Meaning it will never increase during the term of loan.

The interest is usually calculated on the balance of the principal, each month, based on the fractional percent of a 12 month interest rate.. As you pay the interest each month, the remainder of your payment is applied to the principal. Can you see a benefit of being able to pay an additional amount each month? That would reduce your principal each month, reducing the interest each month. You should request this option, but it may not be available to you. Ask. That practice would pay off your loan sooner than the original term.
lign="right" > Sign in to vote!
check a few sites online