5 ON YOUR SIDE: Getting the best car loan

Buying a new or used car is expensive enough, but where you get your financing can make a big difference in what you ultimately pay. Consumer Reports says comparing loan offers before you head to the dealership can help you find a better deal.

Julian Fuentes and his dad, Felix, love cars and car shopping. But when it was time to get a loan, they were looking at much higher financing costs than before. Felix says, “Our first electric vehicle that we bought, we have it at 1percent. The car we just bought is now at 7.9percent. And I hold an 850-credit score.”

Their experience shows how much auto-loan rates can vary even with strong credit. Regardless of your credit, you should shop around and compare interest rates; even a little difference in that rate can save you a lot of money in the long run.

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