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5 ways to pay down your car loan and save money
By Jamie Johnson article
Most Americans need to take out a car loan, but you don’t want to pay too much interest. Learn five ways to pay off your car loan faster. (iStock)
The
average price for a new car is currently $36,744, according to the National Automobile Dealers Association. Most Americans can’t afford to pay this out of pocket, which makes taking out a car loan a necessity.
Car loans are one of the most common types of consumer loans, and they differ quite a bit from other types of loans. Since the loan is secured by the vehicle, auto financing tends to be easier to obtain, even if you have bad credit, although loan rates could be higher, creating a higher monthly car payment.
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In Illinois, a rate cap bill to address racial inequities and predatory lending signed into law in March has pulled automotive financing into the discussion, stirring up a debate among consumer advocates, auto lenders and dealers over consumer access to credit and credit-related products.
The measure, known as the Predatory Loan Prevention Act, places a 36 percent interest rate cap on all consumer loans of less than $40,000 and includes guaranteed asset protection products sold on vehicle purchases as part of the interest rate calculation a major detail that makes the law significant for franchised dealers in the state.
The all-in APR law borrows heavily from the federal Military Lending Act, which uses the same 36 percent cap for service members and covered relatives but excludes motor vehicle financing from its coverage.