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Auto Loan Basics

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Auto Loans are typically fixed rate loans paid off over a 3-5 year term. However, some new car loans are now being offered with 6-7 year terms. You should aim to have no more than 10% of your gross income spent on auto expense. This includes car loan payment, insurance, gas, and maintenance costs. It's a good idea to pay off your car as quickly as possible. If you can afford the payments on a 3 year loan you will cut your finance costs significantly. Your credit score will affect the interest rate you get on an auto loan. However, most auto loans are pretty competitive and often lower than or equal to prevalent mortgage rates.

Getting the Best Auto Loan Rate

Try a credit union or an online lender like eLoan.com. It's not a good idea to use financing from the dealer as you probably won't get the best rate. Get pre-approved for the max you intend to spend before you go car shopping. With the financing in place you can jump on a better deal.

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