• Home
  • Personal Finance
  • Investing
  • Business
  • Career
  • Consumer
  • Debt
  • Lifestyle
  • Retirement
  • Taxes

Personal Finance News

Latest News About Personal Finance

  • Blogger Net Worths
  • Top Personal Finance Blogs
  • Blogroll

Maintain Your Excellent Credit to Save Over $6,000 for Car Loan

May 25, 2016 Leave a Comment

According to 2016 Auto Financing Report from WalletHub, buyers who have fair credit will end up spending about six times more to finance a vehicle than someone with excellent credit, which equates to $6,304 in additional interest payments over the life of a $20K, five-year loan. As the auto industry witnessed its highest sales in 15 years, WalletHub realeases a study to help you make an informed decision about your next vehicle. Here are other key findings:

  • Interest Rates: For new cars, interest rates are at their lowest point in the past three years, with the average new-car loan today charging 17 percent less interest than the average used-car loan.
  • Credit Standing: Buyers with fair credit will end up spending about six times more to finance a vehicle —about $6,304 in additional interest payments over the life of a $20,000, five-year loan — than consumers with excellent credit.
  • Financing Sources: Consumers in the market for a new car should begin their search for financing with car manufacturers (rates at 38 percent below average) and credit unions (rates at 29 percent below average). Secondary options include national banks (rates at 2 percent above average) and regional banks (rates at 30 percent above average).
  • Transparency: Car manufacturers continue to lack transparency when it comes to leasing offers, with the average automaker receiving a WalletHub Transparency Score of 4.68 out of 10.

(wallethub.com)

Related

Leave a CommentCancel reply

Must Read

  • What's the Recommended Temperature for Vacant Home in Winter?
  • How to Reach a Live Person at IRS to Resolve Tax Problems
  • Lost Passwords Lock Millionaires Out of Their Bitcoin Fortunes
  • How One Employee Got Away After Stealing $103 Million
  • How to Refinance a Paid Off Car
  • Two-Thirds of Americans Live Paycheck to Paycheck
  • Professional Panda Cuddler as the World's Best Job for $32,000 per Year
  • John Bogle Net Worth
  • Amazon Cash: Now You Can Pay With Cash on Amazon
  • The Best Day of the Week to Buy Mutual Funds

Recent Posts

  • 47% of Americans Say Achieving Retirement Security Will Take a Miracle
  • Which Cryptocurrency Should You Invest In?
  • Apple Launches Apple Card’s Savings Accounts With 4.15% Interest Rate
  • More Americans Are Using ‘Buy Now, Pay Later’ Services To Pay for Groceries
  • 5 Tips To Get The Best Value On An Insurance Policy
  • 61% Now Living Paycheck to Paycheck
  • 36% Earning $100,000 or More Living Paycheck to Paycheck
  • Two-Thirds of Americans Live Paycheck to Paycheck

Connect With Us

  • Facebook
  • Twitter
Home · About · Terms · Privacy · Contact · Copyright © 2025 · Personal Finance News