Have you purchased a new or used car lately? Prices of cars, especially new ones, are sky high and financing costs have reached new levels. Coupled with high inflation, this causes many consumers to struggle to make car payments since most do not pay cash for automobiles. Instead, they stretch out the financing period to keep payments low. According to Edmunds.com — an online resource for automotive inventory and information — the average price for new automobiles during the first quarter of 2023 reached ,680. Edmunds explained that the average interest rate for financing new automobiles was 7.0 percent during...

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