How Do You Compare Car Loan Rates?
Finding the best interest rate on your car loan can make a difference of thousands of dollars. Unfortunately, advertised rates often vary depending on your credit history. It’s easy to compare car loan rates once you get a quote from several different lenders. Calculate how much of your personal savings will be used for the down payment on your car. Don’t be afraid to use your disposable savings to make a larger payment. Paying more upfront can allow you to have a shorter loan and pay less in interest. Visit as many financial institutions as possible to keep your options open. Remember that not all loans will be pre-approved and you’ll have to go through an application process at most banks and credit unions. Investigate each company that you don’t have a working relationship with. You might assume that your bank won’t cheat you on a loan, but some smaller lenders will try to take advantage of you. Check with the Better Business Bureau if you have any doubts about the reputation of a c
