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How do you get a lower APR for a car loan?
What can I do to lower the APR on my car loan offers? I want to get a loan for a new car, but all of the loans I qualify for have super high APRs. What should I do?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
It’s great you’re shopping around to find the lowest APR. Even so, there are ways to lower the APR lenders are offering.
- Improve your credit. Your credit score influences your APR, so you can usually get a much better rate if you have a good credit score. Try working on your credit to improve your score before applying for a new loan.
- Find a cosigner. Alternatively, you can find someone with excellent credit to cosign on your loan, which will give you a better rate.
- Make a large downpayment. Many lenders will offer lower APR to borrowers who can put a large amount down. Save up before applying for your loan so that you can afford to pay more upfront.
- Reduce your loan term. Typically, loans with 72 or 80-month repayment periods have a much higher APR than loans with a 60-month repayment period or lower.
While you’re shopping for better loan rates, why not shop for better insurance rates, too? It’s easy when you use the
Jerry
app! Jerry gathers personalized quotes from over 50 insurance providers to find you the best rates and coverage. MORE: What is a good credit score for a car loan?
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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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