Auto Loan Rates

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Ways to get The Best Auto Loan Charges

The most obvious way to get great auto loan rates, is simply by having great credit. You can get great car loan rates with low interest with a FICA over Seven hundred. But, there are several alternative methods to get good automobile loan rates.

Know The Credit Rating Before You Apply For An automobile Loan Rate

You can do any Google search on credit scores to find the information you need to see your credit rating. This should be the first step before getting a car loan to get the best auto loan rate possible. With understanding, you will get the best automobile loan rates for your situation.

Lower Your Auto Loan With A Large Down Payment

Creating a large down payment may help if you have bad credit. You should think about at least 1/3rd down payment when you’ve got bad credit. Auto loan prices can get as high as 28% rate of interest. Be careful when shopping for auto loan rates with poor credit. Sometimes it may be better to save a larger down payment, instead of risking the repo, because of high month to month auto loan payments.

Together with auto loan rates aver 20%, you can end up paying 2 instances the cost of the automobiles MSRP over the term of your auto loan. The more you place down, the more money you’ll save on auto loan prices.

Refinancing Your Car Loan Rates

You can remortgage your auto loan rate after 12 to 1 . 5 years. The idea here is to construct your credit by making your own monthly auto loan obligations on time. This will give you time to bring the credit score up. Generally you can get the best auto loan rates with a FICA score of 660 or above. Discover what is the cause of the lowest FICA credit score. It may be something that can easily be fixed, for instance a late payment because of a medical problem in the past.

4 Tips On Obtaining the Best Auto Loan Charges

1. If you have great credit you are able to take advantage of dealer bonuses. It’s tough to beat 0% manufacturing plant incentive auto loan charges.

2. Educate yourself before going in to a car dealership. Your local Credit union or Bank, may be the best way to get the least expensive auto loan rates in your town.

3. Some people think it is a myth, but buying a new vehicle on the last day of the month can save you hundreds of dollars on automobile loan rates. Sales managers give big additional bonuses for the salesman that sells the most automobiles by months conclusion. Getting the lowest value on a new vehicle helps with financing, because there is less risk for the lenders.

4. Try using logic, not emotion when contemplating auto loan rates. Many people will rush the method just so they can push their new automobile. It’s best to take the time with auto loan rates, since the new car smell doesn’t last as long as your auto loan rates.

Along with today’s Internet resources, the buyer has an advantage when searching for the best auto loan charges online. Take time to get educated on the process of getting an auto loan and you can save yourself lots of money on the auto loan rates available.

Comments: 42

  1. Karly February 26, 2013 at 8:42 am Reply

    Hi I’m looking for a site with really lowest auto loan rates.Could you please suggest me one?

  2. Catarina March 12, 2013 at 2:09 pm Reply

    I’ve heard credit unions are the best places to go for an auto loan, for reasonable interest rates. What’s the typical range of interest rates I should expect or look for from a credit union, say, for a $20,000 car loan? I have excellent credit (around 750 score). Thanks

  3. Beau June 20, 2013 at 3:35 am Reply

    In May of 2011 I took out a $12,800 auto loan with a 26% interest rate (yikes) because I had horrible credit at the time. I have been paying on the car this whole time (I have had a few late payments) and I checked today and the amount I still owe is $12,450!!! After looking at my payment history on Santander Consumer USA’s website, ALL of my payments since day one have gone to interest except $350 of my last payment. How is this possible? How can I ensure that my future payments go to the principal? I have close to a 600 credit score now and am working with a credit repair agency to keep rebuilding my credit, do I have any options that I am not considering to fix this nightmare of a loan?

  4. Issac June 22, 2013 at 7:50 pm Reply

    I traded my car in September 2nd of this year for a 2012 Dodge Journey. I have been working on my credit for the last 3 years and have lowered my interest rate from 13.9% to a 5% interest rate on my new auto loan paying $493 a month. My question is, is it too early to refinance my auto loan? What is the best bank to refinance with? Will my payment get lower, and how much?

  5. Marcelene July 5, 2013 at 1:34 pm Reply

    I was just wondering how long would I need to be working at a job to get an auto loan with a decent rate. The car I’m looking at is priced at $9999 and I’m looking to put a down payment of $2500-$2800. I already got one pay stub by the way as I get paid every Thursday. My 1st check will be a lil lower than others because I got payed less durning orientation.

    How long should I have the job for?
    If only work there a little more than a week is ok, should I just wait a couple more days for the pay stub for the check with the larger earning?

  6. Belia July 10, 2013 at 12:18 am Reply

    We just bought a car today with a high apr, we used the dealer’s financing. We have a great credit history however our ‘auto’ credit score is lower than our overall score. What is the best way to refinance an auto loan? Is there a way for us to repair our auto credit score, if so, how?

  7. Kurt July 19, 2013 at 4:46 am Reply

    I’m curious to see what rate I would get on a car loan but wanted to make sure it doesn’t affect my credit score. I heard auto loan and mortgage credit checks don’t show up on your report (thus bringing down your score). Is this true?

  8. Raymundo July 23, 2013 at 3:17 am Reply

    So I’m trying to get an auto loan for a 08 Nissan sentra cost of $9, 475. I have a credit score of 645 with very little credit history. Jst a credit card with a 600 credit limit what will my interest rate be if im approved and if I’m putting $1200 as a down payment? Thanks for answering its my first time trying to buy a car..

  9. Marian July 30, 2013 at 2:55 am Reply

    I have really horrible credit due to my divorce…like 400! I am working very hard to build it back up. I was “approved” for a subprime auto loan but I want to know what I can expect the interest rate to be on a used auto. What is the highest ( worst ) it can be? Are we talking 30% or more? I live in New York if that matters.

    Thanks so much for your help!

  10. Hollie July 30, 2013 at 3:33 am Reply

    I have noticed some info on searches that made reference to a 4.05% auto loan. I just can’t find it? I have pretty good credit. After my recent 220,000 mortgage it’s 804. I would bet there is an auto loan out there for under 5% for someone with my credit rating?

  11. Calvin September 9, 2013 at 8:11 pm Reply

    I need to know what the best rate would be for someone in my situation.
    I live in NE Ohio, and I have just filed bankruptcy. I am not sure what my credit score is, but it can’t be good. Prior to losing my job, I had excellent credit and an auto loan rate of 5%.
    I don’t want to be taken advantage of, at least not to the full extent. We all know how car dealerships are.
    I am looking to buy a used car. I need something reliable to get to and from work.

  12. Agustin September 27, 2013 at 4:54 pm Reply

    I heard that comparing auto loans before shopping for a car is a prudent thing to do. But I’ve also heard that every time you apply for a loan your credit rating is negatively affected. What’s the truth?

  13. Collin October 12, 2013 at 5:05 pm Reply

    if someone has bad credit, and someone with good credit co signs for them for a auto loan. Does the loan get approved on the co signers credit, or does the one with the bad credit still erect the loan. Will it still be subject to denial/high payment/high interest rate?

  14. Carrie November 1, 2013 at 7:45 am Reply

    I am 20 years old trying to finance a car from a dealership that cost around 16k. I am planning on putting a 4k down payment. With the taxes and govt fees the total cost of the car should be about $18,500. I am going to get my mom that has excellent credit as a cosigner to try to bring down the interest rate down, I am trying also to try to pay no more that $225 a month for 60 for the car because I still have to pay insurance . According to a car affordability calculator i can afford a car no more than 18k.
    Will i be able to get a auto loan for a car of 16k because I only make about $800 a month but no bills so the car is the only thing i would be using it for.

  15. Sara November 1, 2013 at 3:45 pm Reply

    I filed chapter 7 in april 2009, I have a 640 credit score. What are my chances at getting an auto loan? What interest rate do you think I would pay?

  16. Mike December 16, 2013 at 11:14 am Reply

    I am attempting to refinance a 2006 model auto with a different institution for a lower interest rate however, this institution wants a power of attorney over the vehicle. I’ve had hundreds of auto loans and have NEVER given a POA to the lending institution – so why now?

  17. Weldon January 1, 2014 at 12:56 pm Reply

    I am trying to help a friend. I do not want to be nosey and ask her what her credit rating is, excellent, good, poor, but I was wondering if there is a certain amount of percentage points that are suppose be added to the national auto loan rates that I found online. I beleive the national auto loan rates is based on good-excellent credit rating, right?
    Thanks for your help. It is greatly appreciated.

  18. Rosann January 28, 2014 at 10:17 am Reply

    Im trying to trade in my 2008 chevy hhr for a 2009 Honda Ridgeline which is 33,000 and I am trying to get a auto loan too. I was trying to get a 15,000 to 20,000 auto loan. Do i have to pay both the monthly payment of the truck to the financing company that will accept and the auto loan?

  19. Odell February 1, 2014 at 9:34 am Reply

    I just pulled my yearly credit report and my score is 648. A year ago I think it was 540, so it’s jumped up quite a bit. I’m considering getting a newer used car (Mini Cooper or VW Bug) next spring once I have enough saved up for a small down payment.

    I’m curious as to what kind of an interest rate I might be looking at and how much of a loan I could receive. Granted I’d rather get a new car, but getting a loan on a $19,000 car with mediocre credit probably isn’t the smartest bet. 🙂 This will be my first car and I want something that’ll last me for a bit.

  20. Jayne February 2, 2014 at 5:54 pm Reply

    I’ll be turning 18 in 2 weeks and I want to get a car. I want to know if I can get a loan up to $15K by myself. Obviously turning 18 i will have no credit so do my parents have to co-sign me? What loan amount can I get that wouldn’t require me to have a co-signer? What would be an estimate on the interest rate I would get for either loan?

  21. Ethan February 14, 2014 at 12:07 am Reply

    I am buying my first car by myself. I have a 724 credit score but I don’t have a lot of credit history. I do not have anyone that can co-sign with me. I am looking at getting a 2007 Toyota Prius with 75,000 miles for about $11000. I have about a $15000 yearly income. I got approved for a 6.8% loan interest rate from the dealership. Is this good or bad?

  22. Lionel February 21, 2014 at 10:26 pm Reply

    I need to buy a car and need loan. Its gonna be a second hand, nothing fancy but I still need loan. However Im not sure if I should get an auto loan or a personal loan. Is there a difference in the interest rate and the method of payment?

  23. Leta February 22, 2014 at 3:42 am Reply

    With recent Federal Gov intrest rate cuts. Is now a good time to refinace your auto loan?

  24. Felecia February 22, 2014 at 4:08 am Reply

    Looing for a used car for my son. What auto loan interest rate can I expect?
    My credit is good, and I’ve had the same job for 19 years
    So no one can give me a ball park figure? Maybe a high and low estimate

  25. Cordell February 22, 2014 at 5:37 am Reply

    We just got approved for an auto loan for a car, but the saler is backing out now (kind of shady). We are looking at a different car now, but this one is more expensive. Would te interest go up if the get a approved for a even higher loan?

  26. Chi February 22, 2014 at 9:06 am Reply

    I live i the san jose ca and I was wondering what the best auto loan rate would be . My credit score is 743 I want to get the loan before I go searching for a car. Also what are the best auto loan banks

  27. Carmon February 22, 2014 at 9:06 am Reply

    I’m looking to get a used car, most likely from a private party… or dealer if the price is right… 2003 Acura TL… What do you suggest?

  28. Hung February 22, 2014 at 9:06 am Reply

    I am buying a used car and was quoted an interest rate at 9.5 for 36 months. I plan on paying the car off in 18 months. Will I save money in the long run? Once the car is payed off, the actual interest rate I payed will be lower than 9.5 correct?

  29. Jacque February 25, 2014 at 12:23 pm Reply

    How do I lower my interest rate on my auto loan? I have been paying on it faithfully for a year now. Is there anyway to do this? Thanks all.

  30. Garry February 25, 2014 at 12:24 pm Reply

    So a few years ago, I got myself in too deep on credit and car loans. I ended up defaulting on 2 credit cards and turning the car in, thus reducing the auto loan into a personal loan. I then defaulted on the personal loan a few months later. Now, I’ve graduated college and I’m making about 45k per year as a single adult and I have almost no bills. Also, I’ve payed off all my debts as of last month and now I’m looking to rebuild. Will I be eligible for at least a subprime loan?
    In response to the first answer, I did repay all my debts in full. Right now I’m debt free and trying to rebuild.

  31. Rey March 10, 2014 at 2:00 am Reply

    Im going to be applying for an atuo loan at my bank, what information should bring with me?

  32. Scarlett March 12, 2014 at 10:17 pm Reply

    Hi, how much are finance charges (the fee you pay the bank when you take out a loan on a car, not the down payment) typically?
    I live in southern NY, if that affects it.

  33. Zena March 12, 2014 at 10:17 pm Reply

    I’m looking at getting an auto loan for maybe around 5 grand. I have a 500 dollar down payment and incredibly poor credit, but a very good credited co-signer.

    What sort of interest rates would I expect to pay? The loan calculators I see put a set rate at either 6 or 10 percent, and that seems to be a pretty big difference.

  34. Maragret March 23, 2014 at 10:19 am Reply

    i was approved for a loan of for 10,000 at a rate of 12%. i have really good credit but also have another vehicle being this rate too high??

  35. Les April 15, 2014 at 4:39 pm Reply

    i’m looking to purchase an ’07 Yaris Hatchback, but the rate I was offered by Toyota Finance is 14%. is this a reasonable rate for a credit score of 630?
    i know that i could try capital one, etc. but i dont want to mark my credit down even more by applying to all these loans.
    fyi, the last time i bought a car from Toyota they gave me 4.9% financing, but they said that was because of their special Low APR incentive.
    If anyone has similar credit and got good APR on their auto loans, I would appreciate any feedback.
    Also, if you have purchased a Yaris recently, what was your APR and credit score?

    Thank you in advance!

  36. Damion April 22, 2014 at 1:25 am Reply

    My fiance’s credit score is 575 (ish). He has a mortgage but nothing else currently on his credit. The low score is due to old debt that has since been paid off, student loans, and late mortgage payments. He hasn’t had a late payment in more than 6 months now.

    I have a credit score of about 600 which I have been trying (with no luck) to raise. I currently have a car loan with an awful interest rate, but I have never been late. My credit score is lower due also to old debt that’s been settled and student loans. (Both of us are in grad school currently so our student loans are no longer an issue.)

    We want to finance a new car and we make approx. $111,000 per year with our combined incomes. Will the income be enough to get a good rate on a car loan or should we just hold off until we can save money to buy something out right?

  37. Chris May 3, 2014 at 9:59 am Reply

    I am in the market to buy a used car. I got approved for an $8,000 loan with an interest rate of 8.99%. My credit score is 659 which is not good or bad.

    Is this a good interest rate or do you think I could find a better one somewhere else? Do car dealerships normally offer higher, lower, or the same interest rates compared with banks or credit unions when they finance a car to you?

  38. Mervin May 17, 2014 at 4:26 am Reply

    We are about to buy a new car, should we wait a bit to see whether auto loan rates go down? Thanks!

  39. Alonzo May 19, 2014 at 5:03 pm Reply

    I am buying a 2011 hyundai Elantra in 2 months. Do you have any idea what kind of loan rate I would qualify for?

    Financing $15,000
    Bankruptcy discharged feb 1, 2012
    No late payments since bankruptcy
    5 year loan term

  40. Ray May 19, 2014 at 5:19 pm Reply

    I’m getting ready to buy my first car, so I know very little about how the process works. I know with an auto loan, I’ll be required to purchase comprehensive and collision coverage. Will I be required to get comprehensive and collision if I get a personal loan and don’t mention it’s for a car? I wouldn’t think so, but I don’t know so. This would be for a cheap (under $2,000) car. I know the importance of good insurance, I just need my monthly bill cheaper until I pay off the loan, which would be around 4 months.

  41. Jaqueline June 3, 2014 at 10:22 am Reply

    I’m about 680 and they are giving me 11%. My co-signer is way better, so I was hoping that if she was on my loan, I could get a much better interest rate. How do they calculate it?

  42. Marcellus June 7, 2014 at 12:44 pm Reply

    also are there any options to help me bring up my score. I applied for a credit card but i have all these fees and everything because of my credit. Any advice to help my credit before march when i get a car that i need and trying to get a lower interest rate?
    well most of my credit some of it was due to one sent to collections, and one that is on collections but not mine, its my moms and i am disputing that is fact. I would rather be in debt to anyone but the market is the market and one day i hope to purchase a house and I know that takes credit and I am just trying to help myself. I am young and didn’t start off so smart in my past and trying to help others finicially didn’t help hence that collection. BUt most of my cards which is one department one, never been late and I also have student loans which have never been late. Hope this helps but I appreciate all the advice! anymore would be welcome! please no drama thanks!
    i meant to say i rather NOT be in debt.
    and also my car now is breaking down so i am trying to make it last 3 more months….till i get another more reliable one!

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