Where should I get a loan from?

How should I pay for my car? If you’re buying a car, it's almost always best to pay cash. You can save a lot on interest and other finance charges associated with auto loans when you purchase your vehicle outright. But, realistically speaking, you may need to get a loan — especially if you need a car immediately and won’t have sufficient time to save up. While you may not have enough in your savings account to finance the entire purchase of a car, consider putting down a sizeable down payment.

This will reduce your monthly car loan payments, which can help you stay within your monthly budget. Use our auto loan calculator below to help you determine your monthly car payments if you decide to finance your first car.

Where should I get a loan from?
One of the first things you can do is get pre-approved for a car loan. That way, you know what price range to look in. You can bring the amount that you are pre-approved for to dealerships to help you get the best offer possible. Or, if you shop around for loans, a dealership may be able to offer you a lower interest rate once you present a competitor’s number. Remember, a car loan is a major financial commitment, so be sure to comparison shop to get the most favorable rates and terms anytime you are buying a car.