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Car Payments

All articles tagged with #car payments

personal-finance2 years ago•3 min saved

Boost Your Chances of Auto Loan Approval and Reduce Costs

Rejection rates for auto loan applications have reached a record high in 2023, with prices for new and used cars remaining elevated and higher interest rates leading to increased car payments. However, there are ways to improve your odds of getting approved for a car loan. Choosing the right auto loan and lender, such as Capital One Auto Finance or MyAutoloan, can increase your chances, especially if you have bad credit. Working on improving your credit score by paying bills on time, automating payments, and using services like Experian Boost™ can also help. Additionally, checking for and correcting any errors on your credit report can raise your credit score and improve your chances of loan approval.

via CNBC|

#auto-loans #car-payments #credit-score

personal-finance2 years ago•4 min saved

The Rising Cost of Car Payments: Why Many Are Over $1000

The average monthly payment for a new vehicle hit a record $730 in the first quarter, up from $656 in 2022, and 16.8 percent, or about 1 in 6 of them, are paying $1,000 or more a month. The cost of financing has gotten considerably higher because of the Federal Reserve's fight to beat back inflation. The average interest rate for a new vehicle was 7 percent in the first quarter, compared with 4.4 percent a year earlier. Here are five money-saving tips if you're in the market for a vehicle: shop around for financing, go for a shorter-term loan, look for financing deals, improve your credit score, and buy a cheaper car.

via The Washington Post|

#auto-loans #car-payments #credit-score

business2 years ago•1 min saved

Record High Interest Rates Push Monthly Car Payments Over $1,000

According to a report by Edmunds, the average interest rate on a new vehicle in Q1 2023 was 7%, up from 4.4% in the same quarter last year, and the average monthly payment was $730, up from $656 the year before. The report also found that 16.8% of people financing new cars had monthly payments of $1,000 or more, up from 6.2% in 2021, and the average downpayment for a new car was at a record high of $6,956. The rise in monthly payments is not due to people putting less money down when they finance, and the average length of a car loan is about 70 months.

via Jalopnik|

#auto-loans #business #car-payments