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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."
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“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.”
View full answer
- Gregory R.
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