I am an investor, so I have to deal with credits and loans almost every day. By me, it is not the best idea to take an auto loan, as the interest rate is too high. Most probably you know that there are bad debts and good debts, so remember that it is worth taking credit only if the rentability of the investment project is higher than the interest rate. Of course, it is not that easy to estimate the rentability rate, but I used to consult a Financial Advisor that helped me identify either the investment project is worth investing in or not.
Hey there! I just did a quick search on auto loans, and the average APR is around 4.5%. I got an auto loan a few months ago, and my APR was pretty high. I tried negotiating with the dealership, but they weren't willing to budge. I had to take out a loan with a higher interest rate than I wanted. However, I could get a lower monthly payment by extending the loan term. I'm a medical resident, and after reaching a consulting company (thefinitygroup.com), they recommended researching different lenders before committing to one. Hence, you may be able to get a lower interest rate and monthly payment by shopping around.