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."

Answer provided by
avatar
Eric Schad
Answered on Jun 02, 2021
“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.”
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Easiest way to compare and buy car insurance

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