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If your credit history is not quite up to scratch, you can expect to be paying a higher APR. Consider paying as much as the down payment as possible (perhaps family or friends could help you). By doing this you will save on the interest of the loan.


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The purchase of new automobiles are American's second largest purchase next to their homes and about 70% of those cars and trucks are financed.
The average price of a new car bought in the United States is about $24,000. Therefore when considering getting an auto loan its important to shop around for the best deal and to understand how auto loans work.

Once you know what car model you want and how much it will cost, you may feel in a rush to purchase your car. Purchasing your car through the dealership often turns out to be an expensive mistakes. However today many dealerships offer good rates on new cars so once you find the best auto loan deal available to you, it will be a lot easier deciding whether to go with the dealership or through a private auto loan company.

Paying Interest On Your Auto Loan

The APR (annual percentage rate) represents the interest that you will pay on your auto loan.  The offer that any private auto loan company or dealership offer you will depend on the quality of your credit history.

If your credit history is...
  • Poor or doesn't even exist it will be harder to find a auto loan with a low APR, and you can expect to have to pay a larger down payment, however obtaining your first auto loan is a good way to build your credit history for any future big ticket purchase.
  • Good to excellent, then finding a auto loan with a relatively low APR won't be difficult. 
Naturally paying off an auto loan will incur interest at your expense, so consider paying a down payment. Ask yourself; how much money will I have sitting in my bank idly over the duration of my auto loan. The larger the down payment you make at the time of purchase, the less interest you will pay in the long run. Auto Loan

How Much Are You Really Paying For Your Automobile?

When buying a car be weary, as dealers have many ways of trying to disguise the end of day price of a vehicle. The automobile may be priced low in order to attract customers, but then the profit will be made in the financing of the vehicle. However this can work both ways, the vehicle may appear expensive but may have a good financing deal. The solution to this dilemma is to simply understand how much you will be paying for the vehicle at the end of either auto loan. And then decide if it's a good deal on not. 
Whether or not it sounds like a good deal, more often than not auto salesman will cut the price to some extent of the marked price. Exactly how much can depend on your haggling skills, keep in mind that you are there bread and butter and they work on a commission. Auto salesman get a percentage of every vehicle they sell, any percentage to them is better than nothing, but your aim should be to get them as close to nothing as possible.

What Auto Loan Is Best For Me?

Decide what auto loan will be best for your lifestyle, a loan with smaller monthly payments but a larger overall total payment, or larger monthly payments with a smaller overall total payment.

Credit insurance -- More often than not, credit insurance is unnecessary. Even though its not required by federal law, your auto loan dealer may require you to purchase it. Take into consideration the extra expense this could cost you.

Make sure you completely understand any contract that you are entering into, we recommend that you take the contract away and discuss it with somebody who understands it fully if there are any parts of it that you are not sure about.
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