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How can I lower the APR on a car loan?
I want to get the lowest APR possible on my upcoming car loan. How do I go about it?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
You have several ways to go about getting a lower APR on your
car loan
, and most of them are easier than you may have thought:- Make sure you have the best credit score possible
- Have a low debt-to-income ratio
- Go with the shortest loan length possible
Shorter loan terms have higher monthly payments but lower interest rates and save you money over the life of the loan. For example, you’ll pay way less on interest for a 24-month loan compared to a
72-month car loan
. Just remember to balance your interest rate with a monthly payment.A major advantage of going with a short-term car loan isn’t only a lower APR, but also the ability to choose how long you have to maintain full coverage
car insurance
. As a requirement of car loans, full coverage insurance costs can add up if you have to pay it for six, seven, or even eight years. But a shorter term will effectively negate these added costs.Regardless of which term you choose, make sure that you use
Jerry
to find the lowest rates on car insurance. Jerry compares personalized rates from over 50 top car insurance companies and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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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.
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