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For first-time car buyers, one of the most daunting parts of negotiating a good deal right now is interest rates.The average auto loan rate for someone with excellent credit is 5.25%, according to ...
Auto loan interest is the cost of borrowing money to purchase a car. The lender will look at your credit score, debt-to-income ratio and other factors to determine what interest rate it offers.
Over the course of a 60-month loan, the person with good credit will pay around $5,600 in total interest, while the person with poor credit will fork over a whopping $17,300 in interest fees. That ...
Knowing your credit score and the average rates to expect and applying for preapproval are just a few of the many ways you can secure a budget-friendly car loan. 1. Know your credit score
For example, with a loan of $15,000, an APR of 5.00% and a term of 5 years, or 60 months, the total interest would be $15,000 x 0.05 x 5, which equals $3,750.
If you dream about purchasing a car that costs $100,000 or more a factor other than money might come into play -- your credit score. Learn More: 6 Best New Cars for the Upper Middle ClassFind Out ...
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