Services
Insurance
Loans
Repairs
Advice
About

How can I find the best car loan rates?

How can I get a lower rate for a car loan? I’m on the hunt for a new car. To increase my chances of getting a better deal, I want to know what steps I can take.

avatar
Phoebe Mah · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Since you are researching steps to take, you are on the right track to get a better loan offer. To find the best car loan rates, some of the steps you can take are:
  • Determine your current credit score. Knowing where your credit score stands will help you be more realistic about what you can afford.
  • Get a
    Cosigner
    . Getting a cosigner can increase your chances of getting a lower rate because you are essentially borrowing their credit score when you apply with them.
  • Put more money on your
    down payment
    . The more money you put down on your down payment, lenders will deem you as less of a risk. While it’s recommended to put down 20% of the car’s value, be realistic and put down as much as you can afford.
  • Shop around with different lenders. Different lenders offer different rates, so it’s a good idea to shop around.
  • Don’t opt for a longer loan term. The longer a loan period is, the more interest a person will have to pay.
Good luck!
Remember that lenders will require full coverage car insurance for your financed vehicle. Check out how you can get the best rates for your car insurance with the number-one-rated car insurance app,
Jerry
.
In less than 45 seconds, Jerry collects all of your information from your existing insurer. Choose from competitive quotes from 50-plus top insurance companies and Jerry takes care of the rest—securing your new policy and helping you cancel your old one. The average Jerry user saves $879 a year on car insurance.
View full answer 
WHY YOU CAN TRUST JERRY
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.

Join 4M+ members in lowering their car insurance

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings