Mama Bear Blog
Why You Need to Compare Auto Loans
Blog Post by Sonia Steinway - 10/16/18
It’s never too late to compare auto loans. You could save $1,000.
Car loan interest rates are on the rise. According to the Federal Reserve, the average auto loan interest rate has increased by almost 1% over the past year. That means that the APR you qualified for 8 months ago when you took out your car loan may have changed a lot. If you compare auto loans and auto loan packages before you go to the dealership, chances are you could save $1,000 or more. But if you didn’t get the car loan APR you deserved, or you’ve improved your credit since then (congrats!), you might still be able to able to lower your car loan interest rate now, even with rising interest rates.
Beware of auto loan markups.
Most buyers get their car loans at the dealership, and most don’t understand that auto dealers can increase car loan interest rates by 2% or more, at their discretion, without telling you. In fact, most buyers don’t even know they can bring financing from outside the dealership. (To learn more about auto loan markups, check out the Outside Financial Markup Index).
That’s where Outside Financial comes in.
That’s why we started Outside Financial. We want you to understand your car loan options thoroughly, compare auto loan interest rates, and arrange the deal that’s right for you. So if you didn’t get the right loan the first time around, it’s not too late: you can refinance to a better loan to lower your interest rate, lower your monthly payment, or both.
A better car loan. A smarter way to own. It’s a great day to be ‘Outside.’