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Fed rate cuts could make auto loans a better deal. If your current auto loan is high-interest, see if you can save money by refinancing your car.
As with other types of loans, the overall cost of a car loan comes down to one major factor: the annual percentage rate. The APR includes both interest and lender fees, expressed as a percentage.
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
Buying a car is a major financial commitment, and for most people, it involves taking out a loan. Along with the loan comes interest, which is the cost of borrowing money from a lender. Read Next:...
The current average interest rate for a 30-year fixed mortgage is 7.00% for purchase and 7.05% for refinance, up 21 basis points from 6.79% for purchase and up 29 basis points from 6.76% for ...
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