12/20/2023 0 Comments Car loan calculator![]() Remember, the car dealership’s number one job is to convince you to finance a car (and most likely one that stretches your budget to its limit!). So, while yes, those numbers prove that financing a car is “a way of life” in America, let’s stop and think about that for a minute.ĭo you really want another monthly payment added to your plate, or do you just feel like financing is the only way to “buy” a car? Step 2: Hit Calculate to see what your monthly car payment would be.Īuto loan debt in America is now sitting at a whopping $1.37 trillion, with 81% of all vehicles being financed. The average loan term: 69 months for a new car loan and 65 month for a used car loan 1.The average interest rate lenders charge: 4.31% for a new car loan and 8.43% for a used car loan. ![]()
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