Getting The Best Auto Loan Rates

It is very important to know the prevailing loan rates. It is the final determinant as to whether you will be able to pay for your loan or not. So the most important thing is to look out for low rates on auto loans. This article will inform you of the current auto loan rates.

There are four main different kinds of auto loan rate: 36, 48, 60 and 72 month car loan. These have different loan rates and fluctuate between 6.5% and 14%, although it can sometimes shoot to 15% or 16%. These depend with location and whether you want a new or an old car. Generally the rule is that the lower the number of months the lower the rate.

Depending on your location, you can get a lower or higher rate on your auto loans. Without indwelling much deeper, you will generally get a lower auto loan rate from credit unions and higher ones from the auto dealers. The ones from the auto dealers are generally safer.

Being part of a credit union will enable you to opt for larger auto loans with lower rates. You need to check your union and compare the auto loan rates and decide which is better for you. If you are not in a credit union, you need not to be discouraged, just get the best rates from the dealers, though they may be higher but you can still get a good deal.

 

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