Can you negotiate the APR on a new car?

I have to finance my new car, but I want to get the lowest rate possible. Can you negotiate the APR on a new car?

Answer
“Yes, you can definitely negotiate the APR on a new car.
To do so, you may want to get preapproval from a lender to ballpark a reasonable rate. You can also use a car loan aggregator to find a range of rates.
Once you have preapproval or reasonable rates in your head, you should be able to effectively negotiate a better APR for the length of the loan you desire.
If you do get a preapproval, it can help you know how much you can spend on the vehicle and what your monthly payments will be. It can also help you budget a bit better, provided you add in the cost of car insurance as well.
Just like how you’re shopping around for the best deal on a car loan, you should also shop around for the best deal on car insurance. Using the free Jerry app makes comparison shopping easy. Jerry does the hard work of finding the best deals and even helps with the signup paperwork.”
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Eric Schad
Answered on Aug 12, 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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