Credit unions provide the lowest rates on loans

first_imgSince Americans aren’t bashful when they borrow money, especially when it comes to buying a car (about 85% of buyers take out a loan for a new ride), Nerdwallet decided to conduct a consumer study that examined where’s the best place to get a auto loan.Survey says, CREDIT UNIONS!Nerdwallet got to this conclusion by estimating how much money a consumer could save by financing her new car purchase with a low interest rate auto loan while being able to invest in the stock market.Nerdwallet went off the assumption that the consumer had $25K saved away and could put down $5K for a down payment on a new car. In addition, the consumer was interested in a 2% APR auto loan for the remainder and then invested $20K cash in an index fund.The conclusion: when looking for a loan be sure to secure the lowest/best APR percentage you can. The lower the APR, the more money you’ll save in the long run. However, these percentages are dependent upon the stock market’s performance which is know to be very unpredictable. continue reading » 25SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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