Lowest Auto Loan Rates

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Tips to Obtain the Lowest Auto Loan Rates Possible

No one wants paying more regarding something than in which something is worth. So why are we so wanting to sign away 1000s of dollars in interest on the vehicle that will depreciate in value between $6,000 to $12,000 over the first 36 months? What follows are some effortless ways to insure that you get the lowest interest rate possible.

First, one needs to do their research. Do not arrive at the car dealership, face set on in which new yellow mustang without a financial plan at hand. Car dealerships, pre-owned, are usually the worst place to finance a car through. High interest and questionable do not mix. It’s always best to go through ones own financial institution and/or shop around at other financial institutions in the area. Credit Unions usually have low rates, but one must meet area of membership before opening up an account.

Next, prepare to put lower a large down payment, 20% being a figure to shot for. This can work as a bargaining chip, as the more one puts down the a lesser financial risk they will become.

Thirdly, spend in cash. Rather than placing a down payment employing a personal or financial institution check, use funds. There is something about seeing a role of plenty, or twenties for instance, that is intoxicating. Not simply will one be in a better position for bargaining over the over all price, but one can also insist on a lower rate of interest while counting out there those bills repeatedly.

These three tips can help ensure that 1 get the lowest auto loan rates available. Spending a little time in study, in saving up for any large down payment and also bringing cash in palm can save one 1000’s in the long run. Great interest rates are not hard to get, they simply require a bit of planning and strategy to find. Happy hunting!

Comments: 19

  1. Kai April 12, 2013 at 1:11 am Reply

    I have just over a year left on my auto loan. Is it a good idea to borrow from my life insurance to pay off my automobile loan? The life insurance loan would be at a lower rate than my car loan.

  2. Bruno May 31, 2013 at 6:11 am Reply

    Can I refinance a current auto loan into an auto equity loan? My primary motivation for wanting an auto equity loan is so I can deduct the interests from the auto loan against my income. Serious answers only, please.

  3. Raymond June 2, 2013 at 2:06 pm Reply

    The lease is up on my vehicle, and I need to get into a new auto loan (or lease). The car I am looking at has a sticker of 22,000.00 My credit score is about 630-640 and the person who is co-signing with me is about 660-670. I am not sure if I am going to put a down payment (if so it will be a low one). Is it going to be easy or difficult for me to get a loan in this economy? Any ideas?

  4. Devin June 10, 2013 at 4:42 pm Reply

    I recently bough a new truck, and when they did a credit check, they said my score was a 628, when I got home I checked all three credit scores, and they were all above 720. So I called the dealer, and they said that auto loans were calculated differently???? Is this true?

  5. Luciano June 11, 2013 at 11:24 pm Reply

    I have two auto loans. One I am upside down on one loan, the other not. Both loans are around 15-16% interest. I have poor credit. If I wait until I am not upside down on my loan, will I have a better chance of getting a better interest rate? Will it hurt to refinance now AND refinance AGAIN when I at least do not owe the worth of my car?

  6. Lauren December 23, 2013 at 5:31 am 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?

  7. Curtis December 28, 2013 at 12:56 am Reply

    I have 2 auto loans. Vehicle 1 is a 2008 loan balance is $10500 with interest rate 6.25 value of the car is around $8000. Monthly payment is $305 and 3 years left. Vehicle 2 is a 2011 loan balance $16500 value of car is $18000.I Interest rate 4.25 with 5 years left. My goal would be to have 1 payment instead of 2. Which vehicle should I trade in for lower monthly payment and payoff quicker?

  8. Jessi February 9, 2014 at 2:20 pm Reply

    i have 601 as my credit score. i am 22 and had a couple credit cards go to collections which i eventually paid off,and is on my credit report as delinquent.charge off. i finished paying the last collected credit card off this past february. i now have one secured card and one unsecured credit card to help me re-establish credit. i just got qualified for another credit card to help add more credit history and more open accounts to my credit report. they are all minimum amounts of 300. i’m looking into getting an auto loan for a vehicle. my current vehicle is currently worth 3 grand. i need about 8 grand more. to pay off my student loan and receive the vehicle of my choice. i understand my interest rate will be high with my low credit score. are there any places that are legitimate that i could actually get qualified for an auto loan through? ive heard about credit unions and dont know much about their auto loans. do you have to be married to get an auto loan through them?

  9. Chantelle February 11, 2014 at 11:17 pm Reply

    I’m looking to buy a used car within the price range of 1,500-3,000. I’m most likely looking to buy from a privet seller or a ‘buy here pay here’ dealer. I was wondering, since the price range of the kind of car I’m looking for is so low if I should look into car loans, or just take out a general bank loan ahead of time and combine that with the little bit of money I have already saved up to buy this car.

    Also, what does it mean when a car dealership says that they “finance”?

  10. Will February 15, 2014 at 7:27 pm Reply

    I’m looking into buying my first car and am very excited! I just want some advice as to how to get the best auto loan. I’m looking at borrowing $14,000 USD. I have very good credit and I’m a single, 24 year old female. Has anyone taken out a similar car loan? I’m hoping to get $300ish/mo. payments. I’d like any advice on where the best place to find auto loans is. Has anyone ever used Lending Tree, for example?
    I wish to buy a new car from a dealer. I don’t know if that info is needed…

  11. Valda February 21, 2014 at 11:10 pm Reply

    I’ve had my car/loan for a year now, and have been perfect with the payments. The interest rate is kinda high though. I am curious if it is possible that I could ask for (and get) a lower interest rate with my perfect record with payments. Thanks for any information.

  12. Barrett February 21, 2014 at 11:10 pm Reply

    I have a part time job where I earn around $600 a month (I’ve been working for over 6 months)… I got kicked out of my parent’s house and I live with my boyfriend’s family. They can’t co-sign my loans because they have bad credit. I pay no rent, I have one credit card that I pay off fine but I’ve only had that card for 5 months. I need a car because one of the cars my boyfriend’s parent’s had got repo-d, so now I rely on on other people to take me to college and to work. I have a $1,000 to put down… I just can’t find a bank or some type of auto loan place that could help me out!

  13. Willie February 22, 2014 at 5:37 am Reply

    I am looking to spend $28k (prior to taxes). I make a tad over $50k a year. My debt to income ratio is 17% (going by take home pay per month, not counting rent or utilities b/c my husband pays them). Most of my debt is student loans. 4 years at job, 3+ years at current residence, no late payments. I am looking at a VW. No co-signer. Fico range of 710-745. This would be my 1st auto loan.
    Also, being as I do not pay rent or utilities, how does the bank know this? I am married and apartment in mine and husbands name. Husband not buying this car with me. We have combined household income of $120k/yr. but again, I will be paying for this, not him (he has own car payment).

  14. Marlyn February 22, 2014 at 5:37 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?

  15. Bennie February 22, 2014 at 8:15 am Reply

    I have a fico score of 681 and want to get a loan for 10500. I want to know who has the lowest intrest rate for me without applying and lowering my score! Can anyone help me on this?

  16. Junita March 8, 2014 at 1:30 am Reply

    I have around a 733 (after I pay off most of my credit card debt.. which aint much-$600-… It’ll probably go above 750, which is where my score peaked a couple months ago).

    I am looking to get a $13000 loan for a private party purchase. Now this would be my first car loan and I’ve never had a home loan… The only loan I have is a student loan for about $15000 which I’ve made automatic payments on for over a year. Also, I have 2 credit cards at a $2500 limit and a $4000 limit, But I NEVER get close to using even 25% of the limit.

    Will I get a great rate or is my credit profile a little iffy? My credit history is a little over a year.

  17. Marianna March 11, 2014 at 9:24 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?

  18. Luis March 11, 2014 at 9:24 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.

  19. Nickolas April 16, 2014 at 3:12 am Reply

    I just turned 18 a month ago, and have no established credit. I own a 2005 Dodge Neon SXT with 51,000 miles that I got a $3,000 trade-in value for due to the salvaged title.

    I recently turned 18 and went down to a car dealership where I saw a car for $8,000 that I REALLY liked. They told me that if I were to finance the car down, with my trade-in, and an additional $500 down that the best loan rate they could give me was 25%.

    Personally, I thought that sounded a little ridiculous. I wasn’t expecting a low rate, but that just seemed a little too far. I was wondering if this is reasonable, or if anyone knows of a bank located in Spokane, WA that can give out good loan rates to people in my situation.
    Sorry for stating twice that I turned 18, and the few grammar mistakes.

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