RISING INTEREST RATES combined with higher prices for cars have pushed up the cost of auto loans. U.S. consumers paid an average of $46,437 for a new vehicle in January, up 4.2% from a year earlier, according to JD Power. Meanwhile, auto loan rates are averaging 6.27% for a five-year new car loan, up from 3.96% a year earlier, according to Bankrate.com. If you were to borrow, say, $40,000 and finance it at 6.27% over five years, your monthly payment would be $778.
Fortunately, there are plenty of ways to lower the expense. If you're in the market for a car and plan to finance it, consider these strategies to keep your costs manageable.
Set a target for all car expenses. Before you step foot on a dealer's lot-and start discussing the terms of a car loan-figure out how much you can afford to spend on the car. "Everyone's situation is so incredibly different and nuanced, but it shouldn't be a significant portion of your income if you can help it," says Sam Gorelick, a certified financial planner with Brunch & Budget in New York City.
هذه القصة مأخوذة من طبعة May 2023 من Kiplinger's Personal Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 2023 من Kiplinger's Personal Finance.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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