Tips On Auto Financing If You Have Poor Credit

September 4, 2014 3:13 PM

Tips On Auto Financing If You Have Poor Credit
" Easy credit and longer-term loans currently being offered at auto dealerships can make buying an expensive car alluring. Greg McBride, chief financial analyst at the Bankrate website, says consumers with poor credit shouldn’t bite.

Consumers tend to focus on the payment rather than the interest rate, which likely will be far higher than the below 3-percent rate now available to those with good credit.

“They engage in the dangerous financial habit known as payment shopping,” McBride says.

Here’s what he suggests instead.

— Buy a lower-priced car or a used car with a shorter payoff period. Paying it off will help you get a lower interest rate on your next car "

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