Best Auto Loan Rates for 2020

Best Auto Loan Rates for 2020

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Unless you’re paying for your car in cold hard cash, you’ll need an auto loan. Last year, the average new car loan reached a record $31,722, making it more important than ever to shop around for a low interest rate. To find the best auto lenders in 2020, we used our proprietary SimpleScore methodology to compare every major lender’s rates, fees, maximum loan size, maximum used car rate and customer satisfaction.
An auto loan is money lended to you (by a bank, credit union or dealership) for purchasing a car. Unless you have enough cash to pay in full for your vehicle, you’ll need an auto loan. Based on your credit score and other financial factors, lenders will loan you money to buy your car with a certain percentage of interest. In turn, you make monthly payments until you have repaid the loan. While it can be scary to take on a loan, those on-time monthly payments can help raise your credit score.

When you’ve decided you’d like to purchase a car, you begin the process of sourcing funding for that purchase. Typically you can either pay for your car in full or get a loan from one of many lender types (including the dealership). Getting approved for a loan can be as quick as ten minutes or can take a few days. You’ll use the money you’re lent to purchase the car. Then you’ll have a monthly payment (that usually includes a percentage of interest) until you’ve paid off the loan.
Refinancing your existing auto loan with a new one is usually done to save money. Typically, the refinanced loan comes at a lower interest rate. This means you’ll pay less overall in the lifetime of your loan. Refinancing also allows you to extend the length of the loan, and that can lower your monthly payments if they’re too high to keep up on. It’s a good idea to refinance if your credit has improved since you took out the original loan. This is especially true if you have a loan from a car dealership that was marked up on interest.
Most anyone can get a car loan. Even if you have no credit or a poor score, some lenders will be willing to work with you. Lenders also look at debt-to-income ratio, how long you’ve been employed at your current employer and the details of the car you’re going to purchase when considering your eligibility.

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