Auto Loan Tips

1.  Compare annual percentage rates available to you from various lending institutions before committing to a loan.

2.  Once you obtain an auto loan, make sure that you keep your loan payments current. Some lenders repossess vehicles which are only one day delinquent.

3.  Make sure you keep your auto insurance up to date.  If you don’t, many lenders will add single interest insurance.  It only covers the lender, does not satisfy your legal obligation to provide no-fault insurance, and costs substantially more than you’d pay if you obtained full coverage insurance yourself.