Auto loan interest rates are skyrocketing: We’ve got 5 solutions to save you money

KPRC 2 Investigates gave five solutions to getting the lowest possible auto loan rate on your new car.
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[@Dansk55]

Pay cash. Easy

[@texan176]

Rule of thumb is the max drive out price after all fees and taxes should not exceed 6 months of your income after taxes. That will allow you to pay cash and never have to worry about what it will cost to repair, maintain, or even replace the car when these things come up. You are literally working for the car manufacturer and bank if you get into these loans where in some cases they are 84 months at 6%. That is total insanity. Trying to look like you have money with a car financed like that will make you poor.

[@lpg12338]

Take care of your used car and keep it as long as possible.

[@sevokevo]

There is also the option of saving and paying cash for the new vehicle if you can… or just work on a large down payment… my car is at 4.69% with Navy and I am putting more on the car to pay it down or off at the same time saving everything I can as I want to upgrade to Ranger Raptor next year… my idea… put everything extra in savings each week.. Now I am not saying this is for everyone but it is an option.. if you can.. it’s best to just wait till the Federal Reserves start lowering federal interest rates as Inflation eases.. it might be next year or 2025 before that happens

[@rodterrell304]

Don't vote for Harris Please!!!