Are auto loan rates increasing or decreasing?

Auto loan rates have remained low for the past several years. Although interest rates are important to look at, small changes in rates have minimal effect on the monthly payment. If one rate is one-half of a percent higher than another rate, the monthly payment will be a nominal $6.00 higher on a $20,000 loan with a five-year term. It is more important to focus on improving your credit score so that in the future, you will be in a position to qualify for the best promotions and rates.

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