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6 Common Auto Loan Myths Debunked [Yahoo! Finance]
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balances now stand at $1.61 trillion, second only to mortgages in U.S. consumer debt, per Federal Reserve data. Compare: 5 Used Cars You Shouldn't Buy Find: How To Get $340 Per Year in Cash Back on Gas and Other Things You Already Buy Cars are an expensive and often unavoidable necessity, as are the loans required to pay for them. While rates and terms will be more favorable if you have a sparkling credit score, every lender has different criteria that they use to determine loan approval. Credit is at the heart of some common misconceptions about car loans, but its just one thing you need to consider when purchasing a new car. Unless you're well versed with loan financing, it can be intimidating process. That's why you need to sort fact from fiction so you can secure the loan that's best for you and your finance health. Here are six myths about car loans that need serious debunking: Sponsored: Credit card debt keeping you up at night? Find out if you can reduce your debt w
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