How can I qualify for a lower car loan rate around 2%?

"I just got a car loan with an interest rate of 4.19% for 60 months on $15,000. However, many people I know with similar income and credit scores have rates around 2%.

I want to get this lower rate, and I currently have a credit score of 660."

“With a credit score of 660, you’re actually lucky that you got the interest rate you did. Even if you wanted to get a lower rate, chances are you wouldn’t be able to find approval.
In the grand scheme of things, you’ll only be paying about $15 more per month, which would equal about $900 over the life of the loan. That’s not too shabby.
Your best course of action is to pay on your loan for a year or two to build your credit. After that time, you should consider refinancing to see if the lender can lower your rate.”
Eric Schad
Answered on Jun 02, 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.

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

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 — it's 100% free