Normally when you are looking for a new car, two of the most important factors to consider are the price of the vehicle and the terms that you will be locked into. In other words, you want to make sure that your finance rates are within reason. When you buy from a dealership and finance through them, they will usually link you to a lender that is the maker of that brand of car (i.e. Ford Motor Co., Chrysler Credit, etc.).
You always have other options besides taking a loan this way for a car. The better that your credit is the more options that will be open to you and the better finance rates you will be offered. You can go to your bank or credit union and inquire about them financing your car too. This is actually the best route to take if you want to get the lowest finance rates.
If you secure your finance rates away from the dealership you will eliminate a lot of negotiations, you will be better able to stick to the amount that you initially had in mind to spend on a car, and sometimes it is made even easier by shopping for online bank lenders.
Currently, the national interest rate for financing a new car for 3 years is 6.89%, for a 48 month loan it is 7.12%, and for a 60 month loan it is 7.32%. For a used car it is slightly higher, 36 months of finance for 7.50%. You are not going to just stumble on a good finance rate for your car, you are going to have to have the skill required to seek one out.
There are a few things that can assist you in getting the best finance rate such as having good credit. If your credit is less than perfect you might want to consider working on fixing it up a bit before heading out for that new car loan. Another thing that helps is if you buy at the end of the month. Usually by that time the salesmen are frantic and also eager to close sales. Also, never give the lender a price that you are willing to work with and never take the first offer.
These are some of the things that you can do to keep those finance charges down as much as possible. Keep in mind that finance charges make a big difference in the amount that you pay for a car.
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Chimezirim Odimba is a finance expert.
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