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As the cost of owning a new car rises, it is more important than ever to consider how much you will pay for your car loan and to buy the best interest rate.
The average interest rate for new car loans reached 5.
According to J. Ben Bartosch, 2018 was 5%, an increase of about a percentage point over the previous yearD.
Forecast Analysis Manager for Power.
At the same time, he said the average purchase price for a new car was $33,000.
That means the buyer will pay $60 in interest. month loan.
In fact, many car owners report that they are under a lot of pressure on their debt.
Harris's recent fair opinion poll of 2,000 Americans showed that a fair monthly car offering a flat fee found that 47% of car loan debts were said to have lost some calm.
As the lending market shifts, anyone who wants to buy a car or refinance a loan needs an informed strategy.
Finance and automotive experts say the following five things will help you lock in financing that fits your budget. 1.
If you do not know your credit score and you do not know what rate you are eligible for, please check your credibility.
Also, if you find a problem in your credit report, you can fix it before you get in the carbuying process.
And, if you already have a loan, if your credit is stronger than when you started the loan, you may be able to refinance at a lower interest rate and payment method.
Many personal finance websites, banks and credit card issuers offer your credit score free of charge.
You can use the annual report.
Com requires three major credit bureaus to provide free credit reports every 12 months. 2.
Looking around for the best interest rate for loans
The shopping process should have started long before driving.
The purchase process, Bartosch said.
Calling or submitting an online application can save you hundreds of dollars.
"Most people just want to go to the dealership to lend," said Sonia Steinway, president of a car loan company other than finance.
But, "they can choose the whole world.
Credit unions offer some of the lowest rates and the best customer service, she said.
To compare loan offers, keep these terms unchanged: the amount of the loan.
In addition to the negotiated purchase price of the car, sales tax and fees will increase the amount you need to borrow. Down payment.
The more you put it down, the less you borrow, saving you interest, which may help you get a better rate. âx80x94LOAN TERM.
Expert recommendation 60-
New car loans for the month, used car for 36 months. 3.
Once you know the rate you are eligible for, use the car loan calculator to estimate your monthly payments.
You don't spend more than 10%.
Your loan pays less than 20% of the total home wage and car costs, including gasoline, insurance, repairs and maintenance.
Extending your loan term can reduce your monthly offer if you are refinancing, but you may be paying more interest.
Use the automatic loan refinancing calculator to see if you will save money by refinancing. 4.
Getting a pre-approval for a car loan can help you get the most competitive price.
Michael Bradley, Internet sales manager at Chevrolet, orangselman, California, encouraged buyers to apply for financing before entering the dealership and then asked the dealer to exceed their price.
More recently, Bradley saw an increasing number of shoppers getting pre-approved loans from credit unions, but said others were waiting for 0% of the financing from the car maker loan company.
He said the loans were not provided as frequently as they were in the past, "so when they appear, people jump to them.
Search for low-on the car maker's website-
Financing transactions and other incentives. 5.
While the loan contract is long and heavily worded, it is important to review the contract carefully before signing it. Double-
Check the numbers using the loan calculator.
Oren Weintraub, president of the automotive company, said that sometimes intentional mistakes do occur
Purchase a concierge service agency car in Tarzana, California, to review the contract for the customer.
If the numbers don't add up, make sure the lender doesn't slip out of the extra items you don't want, like extended warranty or gap insurance.
Question any additional fees that you were not initially informed of, or fees that other lenders do not charge.
The article was provided to The Associated Press by the personal finance website NerdWallet.
Philip Reid is the writer of NerdWallet.
Mail: preed @ nerdwalletcom.
NerdWallet: auto loan calculator 2019 for the Associated Press.
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