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Beyond the Payment: The Cost of Car Ownership

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Infographic Provided by Navy Federal

While buying a new car can be exciting, it can also be a nightmare if you don’t know how to find the best deals.
In order to find the best deal, you need to know how and where to save. And one of the first steps is to understand how to tally the total cost of a car loan.

  • Camaro ImageThe Annual Percentage Rate (APR)—is the yearly rate for your loan. It’s important to look for the lowest rates available, as even a couple of percentage points can save you hundreds or even thousands over the life of your loan.
  • Term Length— while longer term rates mean lower monthly payments, you’ll actually end up paying more in interest in the long run. If possible, go for the shortest amount of financing possible—that way your interest charges will be less.
  • Pre-Approval—getting pre-approved for a loan can grant you more negotiating power when you’re shopping around, so try to get pre-approved before you talk to a dealer.

Take a look at this infographic for more information on how you can find the best rates possible.

auto-buying-infographic-2014

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