What factors influence auto loan interest rates?
Interest rates on auto loans are determined based on the condition of your credit, specifically your credit score. Lenders (including car dealers) use credit scores and their own established rating system to determine APRs for auto loans. • How much should my down payment be? The more money you put down, the lower your monthly payments will be and the sooner you can pay off your loan. It’s estimated that for $1,000 you put down, your monthly payment is lowered by $50 a month. In some cases, you have the option not to put anything down. However, if there is no down payment, your monthly car payment will be higher. • If I decide to lease rather than buy, how long will the lease be? Leases are normally offered in 24, 36, 48 and 60 month increments. However, many leases come with stipulations, such as you can’t drive more than a set number of miles each year. If you return the car with more miles than what was agreed upon, you may be required to pay additional fees. Be sure to read the fin
