How Do You Compare New Car Financing Options?
To paraphrase Charles Dickens, new car manufacturers and their dealerships can offer both “the best of terms” and “the worst of terms,” depending on several factors. While manufacturers continue to provide the lion’s share of new car loans, increasing competition among banks and online lenders provides consumers with a wide choice of financing options. Research the current range of auto loan rates before you decide what car to purchase. Find out how much your monthly payment will increase for each additional $1,000 in the amount your finance. This knowledge will allow you to determine how much you can spend and still remain within your budget. Choose the new car make and model that you plan to purchase before you seek out car financing online. Set limits on the amount of financing you will seek and the equity you will establish with your down payment and trade-in. These factors often influence the interest rates and other elements of the car financing deals that you will be offered by
