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Tips to improve car loan outcomes [Video]

Posted on Thursday, October 6, 2016 at 12:13:39 PM

Consumers can do themselves a big favor by being a bit more diligent and patient when they are looking for automotive loans, regardless of whether they are purchasing new or used cars. Right now, rates are competitive and terms are highly flexible, meaning that a smart, thorough search of the options on the table can yield far better outcomes than virtually any other time in recent memory. 

Consumer Reports listed several tips for car buyers who need a loan, asserting that all of these individuals should always work to acquire the program that has the shortest term, as this will save them money in the long run. 

"Consumers see what their monthly payments will be with a longer loan and they forget about all that extra interest that they're going to be paying over the life of that loan," WalletHub auto analyst Jill Gonzalez told the source. 

At the end of the day, there are myriad moving parts to consider when getting a car loan. Consider working with a local, small financial institution to ensure the best possible decision is made.