Buying a new car can be a lot of fun, but getting the financing can be stressful. The objective is to get the lowest interest rate and optimum term. Heres how to get the best car loan stress free.
There are several factors that influence the rate youll pay and how you can get the best rate. Prime rate sets the stage for what interest rates will be. Lenders offer a variety of interest rates and packages based on the prime rate.
Market condition will also affect rates. If sales are down, youll often see 0% or rates that are below prime offered by the big contenders. Zero percent is also used to help move cars that arent as popular. When interest is reduced to very low rates, the term of the loan is usually reduced too. Its very common to see 0% offered on 2 or 3 year loans and then, as the term increases, so does the rate. Watch for these opportunities.
The type of car you are buying will also affect the rate. New car rates are usually lower than used car rates. As well, dealers often offer incentive packages on new cars where the down payment is waived or the term extended. They may also offer a better interest rate and sometimes the price of the vehicle is...
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