Auto lenders each offer unique financing packages. Even if rates are the same for auto loans, differences in terms and restrictions can help you decided between lenders. While you compare interest rates, also look at the fine print to be sure you can buy a car where and when you want.
Ask About APR
Interest rate cost is a huge factor to look at when comparing auto loans. While initial rates can lure you in, be sure to factor in the closing costs and fees. The annual percentage rate (APR) includes the entire cost of the loan. Comparing this number will help you find the lowest costing loan.
Just be sure that you are also comparing the same type of loan. The shorter the loan, the lower the rates. Including a down payment can also improve your rates since it will improve your credit standing.
Budget Your Monthly Payment
Your monthly payment should also be considered when shopping for a car loan. A longer term loan can reduce your monthly payment, even with higher rates. Also, budget the costs of insurance and maintenance for your vehicle.
Lower payments are appealing, but a shorter term loan can save you hundreds, even thousands in...
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