The "used car verdict" offers you a model's reliability in the major trouble spots. The Consumer Reports Automotive Ratings also can help you determine whether to purchase a particular used vehicle. This helps to give a more complete picture of the car's performance throughout the life of the model.Ĭonsumer Reports Automotive Ratings also gives a "projected reliability," which shows how well a new model is likely to perform based on owners' experience with the model over the past three years.
Starting in 2006, the Consumer Reports survey began rating 10 model years for cars in other words, it rates a particular model of car from the time when it's brand new to when that same model car is 10 years old. Power's survey based on the first 90 days of ownership and its Vehicle Dependability studies which track 3-year-old vehicles, the Consumer Reports survey asks for subscribers' opinions about their cars over the course of the last 12 months. And that doesn't even take into account that longer loans often come with higher interest rates.Unlike J.D. The same auto loan stretched out to 60 months would lower the monthly payment to $293-more than $160 less-but nearly doubles the interest you'll pay to $2,610, an increase of $1,060. For example, if you borrow $15,000 at a 6.5 percent APR for 36 months, your monthly payment will be $460 and the total interest will be $1,550. Try to keep the length of the loan as short as you can afford.Ī three-year loan costs far less overall than a five-year loan. A shorter term means higher monthly payments, but less money will be paid overall. For example, a three-year $15,000 loan with a 5 percent APR would save you almost $500 overall compared with the same loan at 7 percent.Īnother key consideration is the length of a loan, which can significantly affect both your monthly payment and the total cost of your financing. A lower rate can produce significant long-term savings. When comparing auto loans, the figure to focus on is the annual percentage rate (APR).
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