with Jill Gonzalez, Spokesperson, WalletHub
Podcast: Play in new window | Download
WalletHub is a Personal Finance social-network for reviews and data-driven studies to guide consumers on big purchases like autos, mortgages, credit cards, etc.
WalletHub recently released its 2014 Auto Financing Report. WalletHub spokesperson, Jill Gonzalez, shares the report’s findings which shed much-needed light on the opaque business of financing a car purchase, and helps consumers find the best deals. She discusses findings on financing deals offered by 157 lenders and ranks the best financing deals for consumers – from car manufacturers, credit unions, national banks and smaller regional and community banks – with a significant differential from one end of the spectrum to the other. One group offers rates that are 40% below average while another charges rates that are 50% above average – and that’s pretty significant – so know your auto financing options before you make a decision on who to take a loan from. She also lists car manufacturers that offered the best deals on financing and leasing, and says financing rates are cheaper on new cars than on used cars.
Finally, Jill tells us how bad credit could increase the cost of buying a car by as much as 30%.