Buying a car is not as easy as it sounds. There are a lot of things that you need to consider before you decide on purchasing one, as this decision will make a big difference to your finances in the future. Planning to buy a car is not just about selecting the color or the [...]
In 2019, 85 percent of purchases on new passenger vehicles were financed in America. For the first time, the average monthly loan payment rose to $554 due to higher average loan amounts and high APRs. This left countless Americans overpaying on their auto loans, and in 2020, America experienced its highest unemployment rate since the [...]
The average loan for new passenger vehicles surpassed $32,000 in 2019, with the average first-time monthly loan payments rising to $554. Coupled with high APRs and lengthy loan terms, countless Americans pay thousands towards the interest on their loan alone. Like many Americans, you may be asking, “Can you refinance a car loan?” Refinancing options [...]
The automotive industry in America hit record highs in 2019 with an estimated $1.2 trillion in outstanding car loan balances. Today, 85% of new passenger vehicles are financed, with the average first-time loan payment rising to $554 a month. If you’re like many Americans, you may be paying an auto loan that is too costly. [...]
In America, 85 percent of newly purchased vehicles are financed through a loan or lease. Today, most auto loans are up to nine years long for new cars and up to six years on used vehicles. While lengthier loans can reduce a borrower’s monthly payments, it can cost them far more in the long run. [...]