Published January 31, 2018
Consumer Reports says research concludes that people taking out car loans don’t always understand the fundamentals of auto financing, which means they could be paying too much for their loan.
Paying too much for car loans means loss of money in the pockets of consumers.
Consumer Reports’ 7 Costly Misconceptions about Car Loans presents an excellent summary on how to keep more money in your pocket when buying a car.
“About 56 percent of new cars and about half of used cars purchased in the third quarter of 2017 were financed with loans, according to the credit-reporting agency Experian.
Those loans averaged more than $30,000 for new cars and almost $20,000 for used cars.”
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