What is the best car loan available? That is an impossible question to answer because consumers vary quite dramatically in their income and credit histories. Basically this means that the best loans are those that meet the individual needs and abilities of the borrower.
Most car loans will come with a specific interest rate and a set repayment period. These are often flexible factors during the purchasing process, and the final results can depend on many things. For instance, someone might have a hefty down payment against the purchase price of a car. At such times the lender is usually going to extend very favorable terms because their risk has been reduced quite measurable.
Does this mean that the best car loan is going to go only to someone with a lot of cash at hand? Not really because there are many types of lenders that include bad credit lenders, and even those who offer refinancing and used car loans too. The way to get the best loan for your needs is to first understand exactly what those needs might be.
Consider your household budget, the length of time you are willing to have a car payment, and the total amount you will eventually pay for the loan under the terms you have created. For example, you might want to extend your loan by a year or two to keep the monthly payments lower, but this might mean that you pay over a thousand dollars more for the car because … Read More ...