A flat rate charges interest on the full amount for the whole term, so on a loan of a year or more the real yearly rate is close to double the number quoted.
A 3.49% flat rate is really 6.56% a year
Monthly instalment 2,374.17 for 48 months · total interest 13,960
Before fees — a processing fee makes the real cost higher still.
Enter an amount, a flat rate from 0 to 100 and a whole number of months from 1 to 600.
Calculator by Real Loan Rate — free, no sign-up, nothing you type is stored or sent. Not financial advice.