How to Get the Best Auto Loan Rates
Your Credit Score
It’s no secret that a good credit score means a lower interest rate, but if you don’t know what yours is, how will you know what rate is fair? Plus, if you find that your credit score isn’t as good as you hoped, and you have the time, you can always work to improve it before you buy a car. A little effort could pay big dividends in the form of dollars saved over the life of your loan.
Trustworthy Loan Advisor
Finding a loan advisor who will put your best interests first is a necessary step to getting good rates. Some people have good relationships with their financial institutions and feel comfortable using them. Others might be more interested in shopping around for the best rates. And still others, maybe folks with bad credit, might have fewer options.
Having a down payment isn’t always a necessity, and sometimes circumstances make it impossible. That’s okay. But putting some of your own cash towards the purchase of your car helps in a couple of ways. First, it lowers your payments. Not only do you have less principle to pay back, your overall interest is lower because you’re financing less. Second, putting some of your own money in the deal is a signal to lenders that you’re fiscally responsible. You not only put money aside for the purchase but you’re probably a good bet to pay back what you borrow. Lower risk for lenders usually means better loan rates for you.
No matter which situation you’re in, Carloan.com can help. We have processed over 6 million loan applications since 1989, and over those years, we have built a network of lenders across the nation who are ready to help people with all types of credit find the financing they need for the car they want. It’s easy to apply – just take 60 seconds to fill out our online car loan application and we’ll have one of those advisors get in touch with you right away. You could be driving your new car within 48 hours!