Manufacturers Lack Financing Transparency Featured

By Staff Writer August 30, 2018

Interest rates for new cars are at one of their lowest points in three years, according to the website WalletHub.

Average new-car financing today is 12 percent less interest than the average used-car loan.
 Compared with buyers who have excellent credit, those with fair credit will spend about five times more, or about $6,418, in interest over the life of a five-year, $20,000 purchase when financing a vehicle.
The best options for financing a new car include car manufacturers (rates at 32 percent below average) and credit unions (rates at 16 percent below average). Secondary options include regional banks (rates at 12 percent above average) and national banks (rates at 16 percent above average). 
Car manufacturers continue to lack transparency when it comes to leasing offers, with the average automaker receiving a WalletHub Transparency Score of 4.3 out of 10.

Last modified on Thursday, 30 August 2018 03:22

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