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
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.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Will Allstate notify my lender if I switch my insurance from full coverage to liability?
Is it possible to switch to liability only without my lender knowing? I bought a car not knowing that I'd need to maintain full coverage on it. Right now I can afford it, but I'm scraping by. I thought I might be able to switch it to liability insurance without the lender knowing.
Jul 15, 2021
Can you finance a car by using power of attorney?
Can I use power of attorney to get a car loan? I don't currently have a car. My uncle is sick and I'm taking care of him. He needs me to take him to doctors' appointments and on errands, but without a car, we're stuck. He said I could finance a car in his name because I have bad credit. I also have power of attorney over his matters.
Jul 15, 2021