Now Might Be a Great Time to Get Out of Your High Interest Loan

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One year ago, the average interest rate for loans involving a trade-in with a carried-over balance was 7.3%. In April 2020, the average was down to 4.7%. That’s a huge decrease, thanks in large part to a number of 0% financing offers, and it means that buyers picking up cars right now will save thousands of dollars over the life of their loan compared to buyers who bought just last year. On a $35,000 loan, the average change in finance rates adds up to more than $3,000 in savings, but with a 0% loan the difference is upwards of $6,000.

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