Banks and other lending institutions are always looking to lend money to folks who are purchasing a new car; the key is finding the lender with the lowest interest rate and the best terms. A low interest rate doesn’t look quite so attractive if there are prepayment penalties and other fees tacked onto the loan. This article offers some tips on getting the best new car auto loan:
Do Your Research
Before applying for a new auto loan, make sure to check online or in newspapers to get an idea of what the current interest rate trends are. If a better interest rate can be secured by going with an unfamiliar lender, then that’s fine, but you’ll need to make sure it’s a reputable lender and that the loan doesn’t include all sorts of hidden fees. Things to look out for include a prepayment penalty, absurdly high late fees, and mandatory additional products tacked onto the loan such as disability insurance or an extended warranty. Even if this sort of loan has a great interest rate, it’s still not worth it for all the hassles the extras will inevitably cause.
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