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How can I avoid paying interest on a car loan?
I hate the thought of paying a ton of interest on a depreciating asset like a car. Is there any way to avoid paying interest on a car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Paying interest can definitely be frustrating! The only ways to truly avoid paying interest on a
car loan
are:- Paying cash for the car
- Finding a 0% APR rate
If you don’t have the money to pay cash, the 0% APR rate is the best way to go. However, these are only found during promotional periods and you’ll need an impressive credit score to qualify for them.
If you’re not able to use either of these methods, you can also minimize the amount of interest you pay by shopping around and making a large down payment. Both of these should effectively cut your interest and get you on the positive side of equity in a shorter period of time, if not immediately.
Just make sure that you also shop around for car insurance so you budget properly. With the
Jerry
app, you can search car insurance rates from over 50 providers to cut your costs even more. And once you find a plan you like, we’ll even help you switch!Best of luck with lowering your rates!
View full answer
- Gregory R.
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