Can you negotiate car loan rates?

I’m a frugal person—I never like paying more than necessary. I’ve been shopping for car loan rates for a new vehicle, but I can’t find an interest rate that suits my thriftiness. Can I negotiate the rate for a car loan?

Answer
If you’re a thrifty buyer, you should be excited to know that you can negotiate car loan interest rates.
While the opportunity to negotiate the rate varies from lender to lender, try using the following tips to boost your negotiating power:
  • Know what’s on your credit report, clear up any delinquencies, and try to keep your credit utilization ratio below 30%
  • Make a larger down payment
  • Consider a cosigner with great credit
  • Shop around for rates
If you can’t successfully negotiate a change in interest rate, remember that the sale price of the car is always negotiable. Get preapproval from a lender prior to shopping for a car, and you can use this amount to negotiate a lower price on the vehicle you want.
Just as you would when shopping around for car loan rates, make sure to do the same with your car insurance via the Jerry app.
As an end-to-end insurance broker, Jerry allows you to compare quotes from over 50 insurers in minutes to avoid overpaying and find the best deal on insurance. Jerry will even help you buy your new policy and cancel the old one. It doesn’t get much easier than that.
Eric Schad
Answered on Nov 09, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
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