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?
“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.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Read advice from car experts at Jerry
Browse by topics
What others are asking
What date are car insurance companies looking for when asking for date first licensed?
"Do they want the date you got your learner's permit? Or the date you got your full driver's license?"
Aug 18, 2021
What are some tips to make your car more comfortable on a road trip?
My car isn't huge, but it's the most reliable. Because it's small, how do I maximize comfort on the road trip for both myself as the driver and the passengers?
Aug 02, 2021
Do I have more negotiating power if I get my own financing?
I have a great relationship with my credit union and I want to use them for financing a car. However, I also want to get the best deal. Is it true that I'll get more negotiating power if I bring my own financing preapproval?
Aug 12, 2021