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How do you know the interest rate on a car loan?
I know that most people use the interest rate to compare car loans, but I’m not sure how to find that number. Where should I look to find out the interest rate on my car loan?
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
While interest rates are a useful number for comparing loans, you usually won’t know the interest rate until after you apply for the loan. This is because car loan APRs are largely calculated based on your credit score, which the lender won’t know before you apply.
That said, the best way to know the interest rate on your car loan is to apply for a car loan. When you do, you’ll need to provide the lender with the following information:
- Proof of identity
- Proof of income
- Proof of residence
- Information about the car you’re purchasing
Once you’ve supplied those documents, your lender can typically give you an idea of what your interest rate will be. Remember, interest rates are sometimes negotiable. If you don’t like what you find, try asking your lender if they can do any better!
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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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