If you are responsible with your credit, you will get low APR (Annual Percentage Rate). Consequently, your monthly payments will be lower and lenders will charge you less for using their money.
A borrower who is always late on the other hand will always get an auto loan with high APRs and consequently, he will have to shell out more money for his monthly payments. At the end of his loan, he would have been charged more by the lender. It's as simple as that. There is no politics to it, it's just the way it is in the finance world.
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A bad credit will even cause you to be denied an apartment or car rental. Having a good credit is a crucial asset to be able to function well in a civilized society.
Saving a bundle each time we pay off our loan is a hallmark of success. You should be proud to have good credit score which translates into good credit.
The table below is for New Auto Loan Average APR.
Having an excellent credit allows you to take advantage of an occasional 0% or really low interest offers from dealers and manufacturers. You should take advantage of any low rate auto loan offers that come your way. You also have the leverage to get truly low interest car loans from banks, credit unions, car dealership finance, and auto loan online lenders.
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Used Auto Loan
Private Party Auto Loan
Car Refinance Loan
Auto Loan Deals
Instant Auto Loan
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Low Rate Auto Loan
Poor Credit Auto Loan
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Bad Credit Purchases
Upside Down Car Loan
No Credit Car Loan
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