Car Loan – Tips Can Help Drive Smart Loan Deals
But a less-publicized automotive trend rising interest rates will make 0-percent car loans a rare breed in 2006. Increasingly, consumers will need to comparison shop for their car loans before they go to buy, just as they do for the vehicles themselves.
According to Bankrate.com, interest rates on new car loans rose steadily throughout 2005 and the pattern is expected to continue into 2006. The difference of just two percentage points on your APR can either save or cost you more than $1,400 over the life of a typical loan.
“Many consumers do not realize that they have other options for financing their car, outside of the dealership,” said Brian Reed, vice president of Capital One Auto Finance. “There are some great options for consumers to finance their car on a direct basis, versus relying on the dealer to provide that service for you.”
Because education is the key to getting the best deal when financing a car, Capital One Auto Finance offers prospective car buyers the following helpful tips:
Set a realistic budget. Choose a vehicle that wont overextend you...
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