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The best deals for financing a car

Considering a car loan? Consider these tips before you sign on the dotted line.

1. A loan from a car dealership isn’t always the best financing option. You may get a competitive loan, but it might not necessarily offer the best terms. Shop around and compare several lenders, including your own bank.

2. Know that the down payment, the length of the car loan term, the price of the car and the interest rate are all factors that determine your monthly payments.

3. Understand negative equity which describes a situation in which you owe more on your car than the vehicle is actually worth. You reduce the period you are in negative equity by making a larger down payment or by buying a car you can reasonably afford and opting for the shortest loan term possible. You can reduce  negative equity by avoiding trading in your vehicle early.


Posted: Nov 30, 2017

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