Car loans can be confusing when there are some car dealers and makers offering ‘zero percent interest’ car loans. While this sounds tempting, the best loan doesn’t always mean the lowest rate and additional fees are usually involved.
Finding the best car loan requires research. For example, when taking a manufacturer’s ‘zero per cent’ interest car loan, you may be foregoing the opportunity to negotiate a better price on the purchase of the new car, making that car loan very expensive in the long run.
Most car loans are for a fixed period ranging from three to five years, and the repayment terms are at fixed weekly, fortnightly or monthly costs.