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Does a car dealer always offer the best interest rate on a car loan?
I want to purchase a car for around $40,000 after the down payment. The dealer offered me 3.49% financing for 60 months, which puts my payments around $730 a month. That seems a bit high to me, but the interest rate doesn't seem terrible. That said, I haven't shopped around yet. Does a car dealer always offer the best rate on car loans?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“The dealer might offer the best rate on a car loan, but without shopping around, you won’t know.
Go to banks, credit unions, or any other financial institution that offers car loans to see what they can do. You can probably find a better rate than the dealership, and you can avoid the
extra charges
that some dealers add with their financing. Keep in mind that you’re also going to need full coverage
car insurance
if you finance a vehicle, which can add as much as $400 or $500 a month to your expenses. Finding cheap auto insurance is easier than ever before. The free
Jerry
app compares rates from the top 50 companies and delivers the best deals to your phone in just a few minutes. Make sure you can afford all of this before you sign on the dotted line.”
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- Gregory R.
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