ATLANTA, Oct. 29, 2013 (GLOBE NEWSWIRE) -- Interest rates on auto loans are hovering at historic lows, making new cars even more affordable for many consumers.
In time to take advantage of these low interest rates, Ilyce Glink, personal finance expert and managing editor of the Equifax Finance Blog (NYSE:EFX), has released a new video that helps consumers understand the relationship between down payment and interest rate.
"Most consumers don't understand that the size of the down payment they make on a car directly affects the interest rate and how much interest they'll pay over the life of the loan," Glink said. "When you don't have a lot of cash for a down payment on a car, you'll usually pay a higher interest rate, and you'll have to take a longer term for payment. You're going to pay more in interest on the car than you otherwise would have because you're generally paying on the loan for a longer term."
After watching the video, consumers are able to leave questions and comments for Glink about the car buying process and the role credit plays.
This is the second in a series of videos to feature Glink on the Equifax Finance Blog. In the coming months, she'll address additional relevant topics, including saving for your child's college education and preparing for property tax season.
Equifax Personal Solutions empowers consumers with the confidence and control to be their financial best. Find out more about Equifax's innovative suite of credit monitoring and identity protection products at www.equifax.com. Learn about identity theft and how to help protect yourself and your family at IdentityProtection.com. Get smart information on everything from credit to retirement, all in one place at the Equifax Finance Blog, blog.equifax.com.
Equifax is a global leader in consumer, commercial and workforce information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.