Auto Loan Rate Calculator
Who will give a better rate on a car loan, the dealer or a bank? If an auto loan is considered high risk, what options are available for a good rate with bad credit? This article gives some insight into these questions and helps to prepare the consumer that’s searching for a car loan.
Car Dealer or Lending Institution for an Auto Loan?
There is no definitive answer as to whether the dealer or a lending institution will have the best rate on an auto loan. It largely depends on certain circumstances like:
- new car;
- used car;
- individual credit score;
- loan amount;
- car value to loan amount;
- estimated depreciation rate; and
- down payment amount.
When looking for a loan for a new car, the manufacturer will often offer a low financing rate (sometimes a 0% rate). In most instances, the consumer has a choice between a factory rebate or a low financing rate. In some cases, the actual rebate amount could exceed the finance charges.
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