Shopping for Loans

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What's the best benchmark for comparing loan products?

Shopping for Loans

Gone are the days of old when new car financing bore interest rates as high as 13%. Today, people with good credit can get new car financing as low as 1.9%. Even most people with less than perfect credit can get new car loan rates in the 8-9% range.

It can be tough to compare loan products from different sources given the various fees each may charge. To make sure you are getting the best rate available, compare the annual percentage rate (APR) of each loan being offered. The APR is the total rate you pay on an annual basis for your loan, including interest, any fees, and taxes, if any. This will level the playing field so you can compare apples to apples.



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Patricia Walters-Fischer