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The Center for Responsible Lending says car buyers pay an extra billion a year because dealers routinely mark up the interest rate of loans they broker.
But you'll walk in knowing you have a deal that you can afford.
Continue reading below reviews CARCHEX is a fantastic place to find the best auto loans for your next car, or to refinance your existing one.
Their easy-to-use website quickly offers flexible financing plans that can meet any type of credit situation.
Congress blew a chance to beef up consumer protections last summer when the embattled auto industry won an exemption from the new financial reform law. A better move is to get preapproved for a loan from a local bank or credit union before you set foot on the lot. You'd be wise to put down at least 20 percent, choose a loan of four years or less, and make sure the monthly payment is no more than 10 percent of your gross income.
So although mortgage brokers will be subject to new rules, car dealers — who brokered about 80 percent of U. consumers' 0 billion in auto loans — may keep on gouging us. A big down payment helps ensure you'll never owe more on the car than it's worth.