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Buying a car can be a little confusing. These days, most dealers no longer offer big savings for paying cash up front for a car.
In fact, you’ll usually save money when you finance a car—especially if you can get a low APR (see below)—so it pays to know the ins and outs of car loans.
Your credit score is based on factors such as your bill-paying history, your debts and more. The higher your score, the easier it is for you to get a low-interest loan.
You can finance your new or used car through a bank or credit union or directly through the dealership. In the latter case, the dealership will find a lender for you.
Getting a preapproved auto loan from a bank or credit union makes it easier for you to negotiate and get a lower interest rate when you finance a car.
the annual percentage rate determines the interest you'll pay on the car loan, so you'll want to find an APR as close to "0" as possible to minimize your monthly payments and, ultimately the size of your loan.
You can offset your monthly car payments as well as lower your interest rate by making a higher down payment. You can also lower your monthly payments by stretching them out over a number of years. Most auto loans run in 12-month increments.
Car loans
Visit AAA's Auto Loans page and head to the dealership knowing what you can afford.
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