What's the best way to compare car loans?

"I want to buy a car for the first time, but I don't know what to look for in terms of car loans.

What's the best way to compare car loans, and what should I be looking for?"

Answer provided by
Eric Schad
Answered on Jul 15, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“The interest rate or APR is obviously one of the most important factors, but you should also look at:
  • Penalties for late payments or prepayments
  • Whether the loan can be changed by the lender at any given time
  • Any other added fees, taxes, and other charges
As far as comparing each one, you might find it easier to use an online car loan aggregator. Or you can just go to each lender or apply online to get all the necessary information.”

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