![]() ![]() Banks you already have a relationship with may offer you affordable rates. Most banks also give loans like auto loans. You'll have to become a member, and membership is usually bound to things like geographic location or an employer. These local institutions often offer lower interest rates than large banks. Once you know how much you can afford and your credit score, start looking for a lender. If your loan is too long, consider choosing a less expensive car, making a larger down payment, or paying more each month. Choose a loan that's 60 months or shorter to avoid an upside-down loan. Cars are notorious for depreciation, or losing significant value over time. Longer loans may reduce the amount you owe each month, but they could cause you to be "upside down" on your loan, a situation where the amount due on your loan is greater than the car's value. ![]() The more money you can put down up front, the smaller the monthly payment will be.
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