"Is a 2.85% interest rate on an $8,000 vehicle good for my first car loan? "

"I was pre-approved for an $8,000 car loan by my credit union. This is the first time I have ever financed a car, but I have perfect credit and a good-paying job.

Could I do better than the 2.85% they are offering or is it a waste of time shopping around for a better rate?


Answer provided by
Johnny Puckett
Answered on May 11, 2021
“It is never a waste of time to shop around for a better rate. That is something you should always do.
However, credit unions are very hard to beat in terms of auto loans and you should not put a ton of time into looking for a lower rate. Also, 2.85% is an extraordinarily low rate and the savings would be minimal even if you were to find a lesser rate. “

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