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How do you get a low interest car loan?
What are some things I can do to get a low interest rate on my car loan? I’m worried I won't find a loan with a good interest rate because my credit score is low.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While it may be difficult to find a low interest rate with a lower credit score, it doesn’t mean you’ll get a loan with an insanely high interest rate either. Here are a few things you can do to get a lower interest rate on a
car loan
:- Work on improving your credit score: Check your credit report for any mistakes. Trying to pay down any high debts and staying on top of your bills can help improve your score.
- Get a cosigner: If you’re worried about your credit, it can help to get a cosigner with excellent credit. This will help you find better terms on your loan!
- Make a large downpayment: Often, you’ll be able to find better terms if you save up and make a large downpayment on your loan as lenders will see you as less of a risk.
- Get a short repayment period: Many lenders will offer lower interest rates if you shorten your repayment period. Additionally, a shorter repayment period means you’ll be paying interest on fewer payments. Just make sure that you can afford the increase in your monthly bills before committing to a shorter loan term.
- Shop around: Don’t settle with the first lender you find! Get information from multiple lenders before settling on a loan. Often, you’ll be able to find better terms by comparing rates from multiple sources. Look for lenders who work with lower credit scores or dealerships offering deals on cars and financing.
To help save some money on your new car’s insurance, use
Jerry
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- 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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