by Tip Hero Robert Cordray

Car loan interest rates today are some of the lowest ever seen in history. This has a big impact on the decision to buy a car. It can also make choosing what type of vehicle to buy more challenging than ever before.

Important Considerations When Choosing A Vehicle
The smartest thing to do first is to decide how much vehicle you need. A sedan is great for everyday use, for transporting single drivers and families. An SUV is a wise choice for larger families and for transporting cargo. Trucks are the way to go if you need a utility vehicle for work purposes, or simply for hauling.

Drivers need to weigh factors like what the vehicle will be used for, how many people will need to ride in the vehicle regularly and how much cargo they ordinarily need to move. All these factors can have a huge impact on one’s decision.

On the other hand, some drivers choose a vehicle simply because of the vehicle’s good looks or the desire they may have for a certain vehicle. What goes into choosing a vehicle can be complicated. Interest rates are so low in some cases that they influence the decision of how much car to buy. Other factors that motivate buyers to choose a vehicle include:

Safety Record Of The Vehicle

It’s good to do research before buying a new or used vehicle to find the safety record of the specific vehicle model. Look over reports, safety awards received and lists of the safest vehicles for new cars. In the case of a used vehicle, find out if the car has been in an accident in the past. Dealers have access to this information when they are selling a vehicle and they can get the information for you.

Vehicle Quality Reputation

Another important consideration is the reputation the vehicle has earned for quality and for being a long-lasting vehicle that generally needs few repairs. A new car is an investment. Most car buyers look for the best quality for money spent on the vehicle.

Fuel Costs To Operate The Vehicle

With today’s high fuel prices, many buyers look for cars, SUV’s or trucks that will not cost them too much to operate. Depending on how often a vehicle will be used, fuel expenses can add up quickly. Many buyers look at statistics like the expected city and highway miles per gallon for a vehicle when they’re considering buying it.

Car Dealership Rates Can Be As Low As Zero Percent

Car dealerships are the only place a prospective buyer can receive interest rates of zero percent, since dealers get their inventory directly from automakers. Normally, this will be the lowest rate a person can find anywhere when shopping for a car. Zero percent is generally only available on new cars, but there are usually catches associated with zero percent deals.

Used cars typically will have higher interest rates, although some rates are in the range of only 1.3 percent to 1.95 percent, so they’re still very low. The interest rate is a big influence on how much the buyer’s monthly car payment will be. Buyers trying to stay within a budget are careful to choose the best rates they can find for the vehicle that will be most useful to them.

Helpful Calculators To Find Car Payment Amounts

Smart consumers will take advantage of the auto loan calculator available to help in their decision about whether to buy the vehicle they are interested in. This valuable tool helps buyers find exactly what the monthly payment will be, depending on the car loan interest rate they were quoted by the dealer.

A loan calculator can also give buyers a good range of what car payments would be for comparative interest rates. This can help tremendously with budgeting. It also helps with the decision of which vehicle to choose.