April 13, 2007, Newsletter Issue #22: New Car Loans

Tip of the Week

Capital One Auto Finance Tip: If you are in the market for a new car loan and you have excellent credit, then you are in luck. Most of the lowest advertised interest rates are for new car loans for borrowers with excellent credit, so when you see an interest rate advertised you can assume that it is attainable for you. The only thing which might raise your interest rate is if you plan on paying for the loan over a long period of time. The longer your loan is amortized for, the higher your interest rates will be. New car rates are usually lower than used rates even for folks who have a few blemishes on their credit reports. If you are not in the envious position of having excellent credit you can still take solace in the fact that you will probably get a lower interest rate when you buy a new car as opposed to a used car. No matter how much lower the interest rates are with a new car, however, if your credit is seriously flawed you should not try to obtain a new car loan until after you have taken some time to repair your credit, otherwise your interest rate will be sky-high.

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