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How do I choose a car loan if I have multiple offers?
I've been shopping around for car loans and I have several offers. How do I choose the right one?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Congratulations; that’s a good position to be in! Choosing the right
car loan
is almost always dependent on the terms of the loan, but don’t underestimate your rapport with a particular lender. That said, you should also look for a few other things that can help you decide on a car loan. Make sure to check for things such as:
- Prepayment penalties
- Hidden fees
- Other benefits of a particular lender (autopay, banking possibilities, etc.)
If the interest rates between two lenders is almost negligible but you already have a relationship with the lender that has the slightly higher rate, it might be worth it to go with the higher rate. Ultimately, the decision comes down to you, but a reputable lender with a low interest rate is the best mix possible.
Make sure to also budget for car insurance, as lenders will require full coverage. Try using the number-one-rated car insurance app,
Jerry
, to find the best deals. Jerry compares personalized rates from more than 50 top providers 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.
WHY YOU CAN TRUST JERRY
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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