Here are a few tips on how to best manage high-interest rates to help shoppers in need of a new or used vehicle:
It marks the sixth increase this year and has pushed new auto loan finance rates to their highest since 2019. Rates for used cars have also hit their highest since 2010. This will affect car shoppers this holiday season and into 2023 as they must contend with fewer low annual percentage rate incentives and moreAccording to Edmunds sales data in October, the average interest rate was about 6.3% for new cars and 9.6% for used vehicles.
Edmunds experts provide a few tips on how to best manage high-interest rates to help shoppers in need of a new or used vehicle in the coming months.Consider leasing: We’re not making the case here that leasing a new car is a better financial move than buying it. But with the average new car monthly loan payment currently around $700, and an increasing number of people with payments in excess of $1,000, a lease can be a more affordable method of getting into a new car.
-Find a vehicle with a low APR offer: While there are no longer 0% interest offers, it is still worth looking into current promotional offers since they tend to be lower than the average rate. If you’re willing to keep an open mind about brands and models and are able to handle a shorter loan term, you can still get a solid financing deal by today’s standards.
-Get preapprovals from other lenders: This advice applies to those with either a high or a low credit score. Take the time to get preapproved by other lenders before you head to the dealership. It will give you a better idea of what the total loan amount will be and give you a basis from which to compare the interest rates that the dealership’s lenders may offer.
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