Interest Charge Quiz
Three Methods for Reducing Finance Costs
Regardless of your quiz results, I think you will agree that interest charges are not something you truly want to purchase. So if you don't have the cash to purchase an automobile, then here are some steps you can take to reduce the amount of the interest charges you will pay when borrowing for a car purchase.
1. Purchase a lower priced car.
Purchasing a lower priced car means you won't have to borrow as much money, and a smaller loan will likely cost you less in interest charges. If you compare low, low-medium, medium-high, and high purchase prices using the auto loan comparison calculator, you will see what a difference price can make in the amount of the interest charges you will pay.
2. Shop for the best auto loan rates.
The time you spend shopping for the lowest car lending rate can typically save you more money than you could otherwise earn with the time spent. Use the compare auto loans calculator on this page to see how even 1/8th of a percentage point can make your research time well worth the effort.
3. Pay off the auto loan as quickly as possible.
The sooner you pay off the loan, the less you will pay for interest charges. Use the compare car loan calculator on this page to see how much you will save by shortening the number of payments.