The Ultimate Guide to Taking Out a Loan For a New Car
For a lot of people, buying a brand new car is a luxury. While for others, it’s an unavoidable necessity. But one thing’s for certain: everyone wants the best deals possible when it comes to buying a new car. Unfortunately—whether you’re buying a new car or a used one— the average cost of a vehicle has hit a record high of $35,631 . That’s four times more than what the average cost was just five years ago. Considering this, the best way to purchase a car—secondhand or brand new—is to take out a loan. If you’ve never taken out a loan for a car before, here are a couple of things you should keep in mind: Make Sure You Have A Good Credit History First things first, you need to make sure that your credit history is superb. With 44% of Americans still paying off auto loans , loan providers are more likely than ever to reject your loan request if they can’t prove that you can pay off the debt. The score—determined by FICO (Fair Isaac Corporation)—should be around 670