{"id":23790,"date":"2026-04-02T18:35:33","date_gmt":"2026-04-02T18:35:33","guid":{"rendered":"https:\/\/budgetadirect.com\/?p=23790"},"modified":"2026-04-02T18:35:41","modified_gmt":"2026-04-02T18:35:41","slug":"10-car-loan-mistakes-that-cost-you-money","status":"publish","type":"post","link":"https:\/\/budgetadirect.com\/?p=23790","title":{"rendered":"10 Car Loan Mistakes That Cost You Money"},"content":{"rendered":"<div>\n<div id=\"block_5b26126a863095dec02fff9e492af71d\" class=\"key-takeaways sm:border-l-4 border-(--accent) sm:pl-8 my-8 relative\" style=\"--accent: var(--color-blue-medium)\">\n    <!-- htmlmin:ignore --><\/p>\n<h2 class=\"heading-4 mt-0 mb-4 text-crop-none max-sm:flex max-sm:items-center max-sm:gap-4\" id=\"key-takeaways\" data-position=\"0\" data-beam-element-viewed=\"\" data-id=\"br-h2-0-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Key takeaways\" data-outcome=\"\">\n    <span class=\"shrink-0\">Key takeaways<\/span><br \/>\n        <span class=\"max-sm:h-0.5 max-sm:w-full max-sm:w-full max-sm:bg-(--accent) max-sm:rounded-full max-sm:block\"\/><br \/>\n    <\/h2>\n<p>    <!-- htmlmin:ignore --><\/p>\n<ul class=\"flex flex-col text-gray-700 mb-0 gap-2 list-disc\">\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Preapproval will help you get the best rate available and give you leverage to negotiate at the dealership.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Consider the overall cost of an auto loan in addition to the monthly payment \u2014 and don\u2019t clue the dealership salesperson in on your budget too early.\n                                                <\/li>\n<li class=\"pl-4 relative marker:text-(--accent)\">\n                                                            Shop around with many different lenders to get an idea of your estimated interest rates and take any steps to improve your credit score before going to the dealership.\n                                                <\/li>\n<\/ul>\n<\/div>\n<p>With new and used car prices continuing to rise, it\u2019s more important than ever to get the best deal on a car loan that meets your short- and long-term financial goals. A little extra planning could help you strike a better deal on the out-the-door price of a new car. Taking more time to compare auto loan rates along with a few other budget-savvy steps could save you money so you don\u2019t erase the savings negotiated on the purchase price.<\/p>\n<h2 id=\"one\" data-position=\"1\" data-beam-element-viewed=\"\" data-id=\"br-h2-1-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"1. Not reviewing your finances\" data-outcome=\"\">1. Not reviewing your finances<\/h2>\n<p>Before you start car shopping, ask yourself a few questions about your finances \u2014 and answer them honestly.<\/p>\n<ul class=\"wp-block-list\">\n<li>\n<strong>How much can I really afford? <\/strong>Take a look at your spending habits to see if there are any avoidable expenses eating up your paycheck. You may need to cut back or eliminate some depending on how much your new car payment is.<\/li>\n<li>\n<strong>How much of a down payment can I make? <\/strong>A down payment will help you negotiate a lower price and reduce the amount you need to finance. Use an auto loan calculator to see how a large down payment impacts your total cost.<\/li>\n<li>\n<strong>Can I cover maintenance and emergencies?<\/strong> Oil changes, tire rotations, new brakes or a late-night breakdown are necessary costs that come with owning a car. Make sure your budget can handle them without using a credit card or taking out an emergency loan.<\/li>\n<li>\n<strong>How much will my insurance be?<\/strong> If you know the make and model of the car you plan to get, find out how much the insurance will be. Auto insurance premiums have been on the rise in the past few years, and if you haven\u2019t bought a car recently, the premium sticker shock may surprise you.<\/li>\n<li>\n<strong>What is my credit score? <\/strong>Auto loan lenders are more likely to approve your application and extend low interest rates if you have excellent credit. If you have bad credit, you may have a more difficult time finding approval, but you may still be able to access bad credit auto loans.\u00a0<\/li>\n<\/ul>\n<h2 id=\"two\" data-position=\"2\" data-beam-element-viewed=\"\" data-id=\"br-h2-2-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"2. Not shopping around\" data-outcome=\"\">2. Not shopping around<\/h2>\n<p>Dealership financing can be an easy and convenient way to get a car loan, but dealers often mark their rates up by a few percentage points. Before heading onto the high-pressure sales floor, get a few auto loan quotes from banks or credit unions. This can help you haggle with the dealership\u2019s finance department. \u00a0<\/p>\n<p>If your credit score is fair or bad \u2014 or if you\u2019re buying an older, high-mileage used car \u2014 try online lenders or a marketplace lender like Bankrate. You can get several quotes from multiple lenders to see if the payments are affordable.\u00a0<\/p>\n<p>Keep in mind that prequalification is different from auto loan preapproval. Ideally, you should apply for preapproval with lenders. This will allow you to negotiate with the dealership more effectively as a cash buyer. Just be prepared for the dealership to withhold price discounts or extra perks if you don\u2019t use their in-house lender.\u00a0<\/p>\n<h2 id=\"three\" data-position=\"3\" data-beam-element-viewed=\"\" data-id=\"br-h2-3-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"3. Not deciding between new or used\" data-outcome=\"\">3. Not deciding between new or used<\/h2>\n<p>Don\u2019t make the mistake of strolling onto a new car dealership lot unless you know you can handle the higher monthly payment.\u00a0With vehicles continuing to become more expensive, it\u2019s crucial to determine whether you want a new or used car so you can set a realistic budget.<\/p>\n<p>The price difference between a new and used car could drive your decision between the two. Data from April shows that new cars had an average cost of $48,699, according to Kelley Blue Book. Used car listings for the same period were more than $23,000 lower, averaging $25,547.\u00a0<\/p>\n<p>This leads to a big difference in the average monthly car payment between new and used. You could save more than $200 per month by buying used \u2014 the average used car monthly payment is $532 compared to $748 for new cars. If you want the benefits of a new car without the debt and depreciation that comes with it, consider a certified pre-owned (CPO) car instead.\u00a0<\/p>\n<h2 id=\"four\" data-position=\"4\" data-beam-element-viewed=\"\" data-id=\"br-h2-4-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"4. Focusing on the monthly payment\" data-outcome=\"\">4. Focusing on the monthly payment<\/h2>\n<p>Although the monthly payment on your car loan is important \u2014 and you should know in advance how much car you can afford each month \u2014 it shouldn\u2019t be the basis of your price negotiation.<\/p>\n<p>Once you tell a dealer how much you can afford monthly, you will likely get some sales spin about all the creative ways to get you to that payment. That may include choosing a longer term, which increases the risk that you could end up upside down on your loan.\u00a0<\/p>\n<p>To avoid this, negotiate the vehicle\u2019s purchase price and any dealer fees instead of focusing on the monthly payment. Counter any questions about payment with questions about lowering the price.\u00a0<\/p>\n<h2 id=\"five\" data-position=\"5\" data-beam-element-viewed=\"\" data-id=\"br-h2-5-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"5. Applying with a low credit score\" data-outcome=\"\">5. Applying with a low credit score<\/h2>\n<p>Your creditworthiness determines your interest rate, and a high credit score can help you qualify for a better auto loan interest rate than someone with a low score. Knocking off just one percentage point of interest from a $45,000 car loan over 60 months could save hundreds of dollars in interest paid over the life of the loan.<\/p>\n<p>Knowing your credit score ahead of time will put you in the driver\u2019s seat during negotiations. With it, you will know what rate you can expect \u2014 and if the dealer is trying to overcharge you or lie about what you qualify for. If it needs some work, you can pay off credit card debt, avoid opening new accounts and pay everything on time.\u00a0<\/p>\n<p>The average auto loan interest rate for a new car was 6.56% in the third quarter of 2025, according to data from Experian. For a used car, the average jumped to 11.40% \u2014 though both new and used cars are more expensive for a borrower with bad credit.<\/p>\n<div class=\"w-full overflow-x-auto\">\n<table class=\"wp-block-table Table Table--stripedOdd Table--spacing1 align-middle has-fixed-layout wrapped\">\n<thead>\n<tr>\n<th>Personal FICO score<\/th>\n<th>Average interest rate for new car loans<\/th>\n<th>Average interest rate for used car loans<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>781 to 850<\/td>\n<td>4.66%<\/td>\n<td>7.70%<\/td>\n<\/tr>\n<tr>\n<td>661 to 780<\/td>\n<td>6.27%<\/td>\n<td>9.98%<\/td>\n<\/tr>\n<tr>\n<td>601 to 660<\/td>\n<td>9.57%<\/td>\n<td>14,49%<\/td>\n<\/tr>\n<tr>\n<td>501 to 600<\/td>\n<td>13.17%<\/td>\n<td>19.42%<\/td>\n<\/tr>\n<tr>\n<td>300 to 500<\/td>\n<td>16.01%<\/td>\n<td>21.85%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div><figcaption class=\"wp-element-caption\"><em>Source:\u00a0<span style=\"text-decoration: underline;\">Experian State of the Automotive Finance Market<\/span>, Q4 2025<\/em><\/figcaption><h2 id=\"six\" data-position=\"6\" data-beam-element-viewed=\"\" data-id=\"br-h2-6-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"6. Not choosing the right term length\" data-outcome=\"\">6. Not choosing the right term length<\/h2>\n<p>Auto loan terms typically range from 24 to 84 months. Longer terms may offer lower payments, but the longer you spend repaying your loan, the more interest you\u2019ll pay. Some lenders may also charge a higher interest rate if you choose an extended repayment period because of the greater risk you\u2019ll become upside-down on the loan.<\/p>\n<p>To decide how long you should spend paying back your auto loan, consider your priorities. For example, if you are the type of driver interested in getting behind the wheel of a new vehicle every few months, being trapped in a long-term loan might not be right for you. On the other hand, if you have a limited budget, a longer term might be the only way you can afford your car. <\/p>\n<section class=\"editorial-insight-box --insight-box +mg-vertical-md\" data-template=\"insight_box\">\n<div class=\"card-body border-l-4 border-blue-800\">\n<div class=\"content-wrapper\">\n<p>\n                    Bankrate tip\n                <\/p>\n<div class=\"content wysiwyg wysiwyg--flush\">\n<p>A short loan term will cost you less in interest overall but will have high monthly payments, while a long loan term will have lower monthly payments but higher interest costs over time.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n<h2 id=\"seven\" data-position=\"7\" data-beam-element-viewed=\"\" data-id=\"br-h2-7-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"7. Not making a down payment\u00a0\" data-outcome=\"\">7. Not making a down payment\u00a0<\/h2>\n<p>Experts recommend you make a down payment of at least 20% on a new or used car loan. The benefit of a down payment is that it shows the lender you\u2019re financially prepared for the purchase. It may even motivate the sales rep to negotiate for a lower price or discounted add-ons.\u00a0<\/p>\n<p>The opposite is also true. Offering no down payment, or a low down payment, may tell the dealer your finances aren\u2019t in good shape. The dealer may choose to charge you a higher rate on your loan, and it could increase the chance of ending up upside down on your car loan with a vehicle that is worth less than what you owe.\u00a0<\/p>\n<h2 id=\"eight\" data-position=\"8\" data-beam-element-viewed=\"\" data-id=\"br-h2-8-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"8. Financing add-ons and taxes\" data-outcome=\"\">8. Financing add-ons and taxes<\/h2>\n<p>Dealerships profit from vehicle add-ons \u2014 especially aftermarket products sold through the finance and insurance office like extended warranties and gap insurance. Check if the add-on, warranty or product is available outside the dealership for less.\u00a0<\/p>\n<p>Buying from a third party is often cheaper for aftermarket products, especially if you wind up wrapping them into your financing. This will mean spending more over the long haul since you will be charged interest. If there is an add-on you truly want, pay for it out-of-pocket. Question every fee you don\u2019t understand to avoid unnecessary additions to your purchase price.<\/p>\n<h2 id=\"nine\" data-position=\"9\" data-beam-element-viewed=\"\" data-id=\"br-h2-9-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"9. Rolling negative equity forward\" data-outcome=\"\">9. Rolling negative equity forward<\/h2>\n<p>Being upside down on a car loan is when you owe more on your car than it is worth. Lenders may allow you to roll over that negative equity into a new loan, but it\u2019s not a smart financial move. If you choose to do so, you will pay interest on both your current and previous car loans.\u00a0<\/p>\n<p>Instead of rolling negative equity into your new loan, try paying off your old auto loan before taking out the new one. You can also pay off your negative equity upfront to the dealer to avoid paying excess interest.<\/p>\n<h2 id=\"ten\" data-position=\"10\" data-beam-element-viewed=\"\" data-id=\"br-h2-10-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"10. Not reading the fine print\" data-outcome=\"\">10. Not reading the fine print<\/h2>\n<p>The pressure to make a decision can lead inexperienced car buyers to make hasty decisions that result in buying an affordable car. Read all the fine print in your car loan paperwork, look at each line of your car\u2019s price estimate and check the insurance coverage so you know how you\u2019re protected \u2014 and how much it will cost.\u00a0<\/p>\n<p>You may also want to look into the Consumer Reports maintenance and repair costs for the vehicle so you have an idea of what the average owner is spending. Similarly, Kelley Blue Book and Edmunds have similar five-year cost-to-own estimates. If you don\u2019t understand something in your loan paperwork or the purchase agreement, don\u2019t sign. If you\u2019re feeling pressured, you have every right to walk away.<\/p>\n<h2 data-position=\"11\" data-beam-element-viewed=\"\" data-id=\"br-h2-11-onpage-placement\" data-type=\"h2\" data-location=\"Editorial\" data-name=\"h2_all\" data-text=\"Bottom line\" data-outcome=\"\">Bottom line<\/h2>\n<p>The key to avoiding car loan mistakes is planning ahead of time and knowing what you want before you shop. This means negotiating the monthly payment, knowing your credit score, choosing the right term length, being aware of add-on costs and avoiding rolling over negative equity. Keep potential mistakes in mind while you negotiate, and with luck, you will reduce the odds of buying a car you can\u2019t afford or compromising on other financial goals.\u00a0<\/p>\n<div class=\"HelpfulCTA mx-auto flex flex-col items-center gap-6 my-6 py-12 text-base border-y border-gray-200\" data-helpful-cta=\"\" data-beam-element-viewed=\"\" id=\"did-you-find-this-helpful\" data-type=\"cta\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Did you find this page helpful?\">\n<div class=\"HelpfulCTA-initial w-full flex flex-col items-center gap-4\" data-cta-initial=\"\">\n<div class=\"HelpfulCTA-question text-lg font-bold text-center text-gray-900\">\n            Did you find this page helpful?<\/p>\n<div id=\"Zw86GNzH0z\" class=\"hidden\">\n<div class=\"wysiwyg wysiwyg--sm wysiwyg--flush max-w-xs\">\n<p class=\"mb-6 text-base\">\n                            <strong class=\"block font-bold text-gray-900\">Why we ask for feedback<\/strong><br \/>\n                            Your feedback helps us improve our content and services. It takes less than a minute to<br \/>\n                            complete.\n                        <\/p>\n<p>Your responses are anonymous and will only be used for improving our website.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Help us improve our content<\/p>\n<div class=\"HelpfulCTA-actions flex gap-4 mt-2\">\n            <button type=\"button\" class=\"HelpfulCTA-btn HelpfulCTA-btn--yes border border-2 border-blue-600 text-blue-600 rounded px-6 py-2 transition font-semibold flex items-center gap-2 hover:bg-blue-50\" data-cta-yes=\"\" data-beam-element-clicked=\"\" id=\"did-you-find-this-helpful-yes\" data-type=\"button\" data-location=\"article-bottom\" data-position=\"banner\" data-text=\"Yes\" data-outcome=\"response submitted\"><br \/>\n                <span class=\"Icon\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"Icon-glyph\" viewbox=\"0 0 24 24\" fill=\"currentColor\" focusable=\"false\"><title>Thumbs Up Icon<\/title><path d=\"M13.165 2.175c.322 0 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0-.323.322c-.075.15-.075.603-.075 1.226v7.68c0 .623 0 1.075.075 1.226.075.14.183.247.323.322.15.075.603.075 1.228.075h.16c.625 0 1.078 0 1.228-.075a.778.778 0 0 0 .324-.322c.075-.151.075-.603.075-1.227V5.423c0-.623 0-1.076-.075-1.226a.722.722 0 0 0-.324-.322c-.15-.076-.603-.076-1.227-.076h-.161Z\" class=\"icon-base\"\/><\/svg><\/span> <span class=\"text-base leading-4\">No<\/span><br \/>\n            <\/button>\n        <\/div>\n<\/p><\/div>\n<p>    <!-- Yes Form --><\/p>\n<p>    <!-- No Form --><\/p>\n<div class=\"HelpfulCTA-thankyou flex flex-col items-center gap-2\" data-cta-thankyou=\"\" style=\"display:none;\">\n<p>Thank you for your<br \/>\n            feedback!<\/p>\n<p>Your input helps us improve our<br \/>\n            content and services.<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<p>Read the full article <a href=\"https:\/\/www.bankrate.com\/loans\/auto-loans\/car-loan-mistakes-that-cost-you-money\/\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key takeaways Preapproval will help you get the best rate available and give you leverage to negotiate at the dealership. Consider the overall cost of an auto loan in addition to the monthly payment \u2014 and don\u2019t clue the dealership salesperson in on your budget too early. Shop around with many different lenders to get<\/p>\n","protected":false},"author":1,"featured_media":23791,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[58],"tags":[],"class_list":{"0":"post-23790","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-homes"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>10 Car Loan Mistakes That Cost You Money | BudgetADirect<\/title>\n<meta name=\"description\" content=\"Key takeaways Preapproval will help you get the best rate available and give you leverage to negotiate at the dealership. 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