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.

Answer
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!
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Phoebe Mah
Answered on Dec 19, 2021
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