According to the group WalletHub, the average household across the country owes more than $14,000.
They said that when it comes to drivers in North Carolina, one in five is behind on those bills and, to make matters worse, drivers here saw one of the biggest jumps (6th in the U.S.) in interest rates this year from the first to the second quarter.
They said North Carolina’s average is now 11.94% and that the national average is 6-8% depending on how you calculate it.
So Action 9 attorney Jason Stoogenke has more on ways to lower those bills and ways to keep them down in the first place.
FOUR WAYS TO LOWER THEM
1. See if your lender will cut you any kind of break. Probably not, but worth asking. Never skip the obvious.
2. Chip away at the principal. It may be hard in the heat of the moment, but if you can throw any extra cash toward the principal, it’ll save you overall.
3. Selling the car or trading it in for something cheaper. Just make sure your new interest rate isn’t so high it undermines this plan.
4. Refinancing. “If your credit score takes a significant jump, if it increases, your income increases, your overall debt load reduces, you can definitely renegotiate, but you always want to go in preapproved,” WalletHub’s Chip Lupo said.
FOUR WAYS TO KEEP THEM DOWN IN THE FIRST PLACE
1. Pre-approval: It helps you shop wisely without committing you to anything.
2. Don’t just look at the price tag and interest rate: Factor in other expenses like gas and any big maintenance coming up.
3. Put down more money: Analysts, like those with Experian, say at least 10% for a used car and 20% for a new car.
4. Lock in a shorter loan: Your monthly payments may be higher, but you should spend less by the end.
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