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?"

Answer
“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.”
avatar
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.
thumb-up

Did this answer help you?

Ask us a question by email and we will respond within a few days.
thumb-up

Have a different question?

You can meet us at our office and discuss the details of your question.

Read advice from car experts at Jerry

Easiest way to compare and buy car insurance

√
No long forms
√
No spam or unwanted phone calls
√
Quotes from top insurance companies
Find insurance savings — it's 100% free