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Saving Money on Auto Loans

Many dealers offer 0% interest on new auto loans. You must be wary of such sales gimmicks because there are many other ways in which you could save on auto loans.

Home equity fetches Lowest Interest Rate:

If you own a house it is possible to use the equity of your home for getting low interest auto loans, since they are secured loans against your house. Further you get the tax rebate on your home equity credit. Since you are using your home as collateral your home may be subject to foreclosure if you fail to repay.

Opt for bank/ lender’s loan:

Dealer auto loans are more often expensive, and hence it is advisable that you take the car from an independent lender or banks before you decide to buy your car. This also depends on your credit score. Dealers also might jack up the interest rate based on the monthly installment that you can afford.

Be wary of 0% interest loans:

Do not get carried away by zero interest offers from dealers. Do your calculations for dealer auto loans against banks/ lenders offers and arrive at the monthly installment payment for your auto loans and decide on the best.

Improve your credit score:

Increase your credit score by removing various hurdles such as credit card bills not paid. This will ensure that you get better rates for auto loans.

Opt for leasing:

The monthly payment for an auto loan is less than the payment to be made for outright purchase.

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