Who should provide your auto financing? Shopping for the best rates can save you thousands on your next vehicle.LISS MAYNARD, A 37-YEAR-OLD ASSISTANT PRINCIPAL; from Douglasville, Georgia The city of Douglasville is the county seat of Douglas County, Georgia, United States. The population was 20,065 at the 2000 census. Douglasville is one of the fastest growing cities in Georgia, with an estimated population of 27,568 in 2005. The current mayor is Mickey Thompson. , wasn't looking forward to the new year. For the past three years, she had dished dished adj. 1. Concave. 2. Slanting toward one another at the bottom. Used of a pair of wheels. Adj. 1. dished - shaped like a dish or pan dish-shaped, patelliform concave - curving inward out thousands of dollars getting her 1997 Chrysler Sebring The Chrysler Sebring is a line of mid-size cars sold by Chrysler LLC. There have been three entirely different vehicles with this name:
A savvy shopper, Maynard used her father's General Motors Employee Discount Plan to get the best price. Although the Equinox equinox (ē`kwĭnŏks), either of two points on the celestial sphere where the ecliptic and the celestial equator intersect. The vernal equinox, also known as "the first point of Aries," is the point at which the sun appears to cross the listed for $26,475, she saved more than $2,600 off of the sticker price sticker price n. The list price for an automobile or other motor vehicle. . In addition, Maynard knew she could maximize her overall savings by shopping around to get the best interest rate on the car loan. Although GM offered a $1,000 rebate rebate, partial refund of the total price paid for goods or services. In the United States, rebates were historically given by railroads to favored shippers as a return on transportation charges. or a special advertised interest rate of 6.9% for 60 months on the Equinox, Maynard was eligible for only one of the incentives based on GM's program rules. So Maynard shopped around at several dealerships, went to Websites such as www.bankrate.com, and contacted her credit union. Ultimately, she found a competitive rate of 6.4% via eLoan.com, but she went with a dealership that offered her the same rate for 60 months because it allowed her to take advantage of the rebate. All told, Maynard saved more than $4,700, by getting a better rate, a manufacturer's rebate, and taking advantage of GM's employee discount. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the J.D. Power and Associates 2006 Consumer Financing Satisfaction Study, more than 42% of new car loans were funded by sources other than the automakers' in-house finance companies, also known as "captives" in the industry. The same study revealed that the average interest rate funded by credit unions was 5.7%, while bank and in-house financing loans averaged 6.8% and 5.3%, respectively. So, as you can see, it doesn't hurt to shop around for the best rate on your next vehicle. Maynard's Potential Financing Costs Loan Amount $24,382.00 $24,382.00 $24,382.00 Interest Rate 6.40% 6.90% 7.90% Monthly Payment $475.92 $481.64 $493.21 Loan Length (Term) 60 months 60 months 60 months Total interest if paid to term $4,173.24 $4,516.64 $5,210.82 SOURCE: AUTO FINANCE CALCULATOR Average Interest Rates and Loan Terms = New Cars Avg APR Avg Loan Term Captives 5.30% 57.0 months Banks 6.80% 60.2 months Credit Unions 5.70% 60.8 months SOURCE: J.D. POWER AND ASSOCIATES 2006 CONSUMER FINANCING SATISFACTION STUDY Note: Table made from bar graph. |
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