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Auto Loan Rates To Avoid

An auto loan is the sort of loan that we all would have to take up at one time or the other. When an individual takes up an auto loan, he is financed with the money that he needs to buy a car.

One of the greatest mistakes that any potential car loan consumer could possibly make is the mistake that is associated with taking up a high interest auto loan. High interest auto loans are the most disadvantageous types of auto loans that any individual can ever take up because as an individual, when you take up an auto loan, you stand the chance of being robbed and cheated by the dealership.

Amongst the different kind of auto loan rates and APR’s that are in existence, you should never go for an auto loan that has an interest rate or an APR that is higher than 10 percent. Taking up an auto loan that has an interest rate that is more than 10 percent could be suicidal and detrimental to your finances.

Here is a very effective way of getting a low interest auto loan. Whenever you intend taking up an auto loan, do not go to a car dealer or car salesman to help or assist you in negotiating for an auto loan. If you can, always go direct. Approach the lender all by yourself.

Securing or being approved for an auto loan before proceeding to the car dealer has many advantages. Besides the fact that you wouldn’t need the lender to assist you in getting an auto loan deal, more also, you wouldn’t have to put up with the payment of commissions and buying extended warranties that you do not need or could get at a much more cheap rate elsewhere.

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