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Your monthly payment amount, current interest rates and your car’s value can all influence your decision. Check Out: 6 Best New Cars for the Upper Middle Class
For example, if your original $36,000 auto loan came with a 7 percent interest rate, even at just one point lower, you could save $1,012 over 60 months. Your Credit Score Has Improved
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.
The auto dealer then adds a markup to that rate, and presents the result to the customer as the "contract rate". [citation needed] These markups have been the focus of some regulatory scrutiny because they can cause variations in interest rates that are not correlated with credit risk. [2] Car financing options in the United Kingdom similarly ...
Most car dealerships use a floorplan facility to finance their inventory and factor the cost of the facility into the price presented to the consumer. The practice of using floorplan loans to finance inventory creates an incentive for the dealers to sell vehicles as quickly as possible in order to reduce the amount of interest that will accrue ...
The Auto Refinance Industry is directly correlated to interest rates and the decisions of the Federal Reserve. While interest rates plateaued for nearly a year, all indications are strongly pointing to a reduction thus creating renewed opportunity for millions of Americans to take advantage to escape high interest auto loans.
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