Is shopping around for a loan for a Toyota Camry a smart decision?

"I'm not looking for anything expensive, just a reliable Camry. I currently bank with Bank of America, and they seem to have decent rates, but I'm not 100% sure. Should I shop around for car loan rates?"

“Like with car insurance, the only way you can know if you’re getting the best rate on a car loan is by shopping around.
You can start with car loan aggregator websites that compile interest rates from several lenders. Your other best bet is to go to a credit union, as they usually have the most competitive rates.
Keep looking until you’ve exhausted yourself. Then you can choose the best rate from a great lender.”
Eric Schad
Answered on Jul 23, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.

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