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July 17, 2017

Car loans: 5 ways to avoid overpaying

  • You can get loans up to 84 months now, but Edmunds recommends financing a new car for no longer than 60 months. Used car loans shouldn't be longer than 36 months.
  • By PHILIP REED
    NerdWallet

    When people go car shopping, they usually focus on the vehicle they want — not the loan that will pay for it. But good financing is the bedrock of a solid car deal, and missteps could cost you thousands.

    “Once you shake hands with the car salesman, you are not done,” says Oren Weintraub, president of Authority Auto in Tarzana, California. As a car-buying concierge, Weintraub identifies cars for clients and negotiates the deals. Getting the sales contract — and all the financing terms — right is so important, Weintraub insists on reviewing a faxed copy before his clients sign.


     
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