Auto loans
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From long loan terms to high payments, every part of new-vehicle financing is getting more expensive.
Though they’re not (currently) a thing, even if car loans did go as long as 15 years, here’s why it wouldn’t be a great idea.
Getting preapproved means that you shop around for the lowest-cost car loan that meets your needs and have that loan in your pocket before you shop for your best deal on the vehicle.
The 72-month loan has become commonplace as consumers buy ever-pricier vehicles.
There are drawbacks to consider with long-term auto loans, such as 72- and 84-month loans, even with low, or no, interest.
A drop in the federal interest rate indirectly affects what consumers pay, so here’s what you should expect if rates go down as predicted.
The most recent quarterly report on auto finance shows that higher interest rates meant to help tame inflation also have raised the cost to finance a car.
A co-signer for your car loan could help if you’re having trouble getting a loan or if the rates you’re being quoted are extremely high.
New-car production is finally starting to normalize, and thankfully, much of the increase in new-car inventory has a list price under $30,000.
Current auto loan rates have climbed substantially following the Fed’s recent interest-rate hikes, with the average new-car loan rate reaching 6.07% in the fourth quarter of 2022.