Is there a way to lower the APR on a car loan?
How can I lower the APR on my car loan? I've been shopping around for car loans, but the lowest I can find is 7.99%. My friends all have lower rates.
Answer provided by
Answered on Jun 28, 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.
“You have several ways to lower the APR on your car loan.
The first way is to hold off buying a car for a few months or a year and build your credit. By building your credit, paying cars and loans on time, and monitoring your credit on a site like Credit Karma, you can lower your APR.
The next way is to add a cosigner to your loan. If your credit is a bit shaky, adding a cosigner with solid credit can help you get a better APR.
And like you would with car insurance, make sure to shop around. Check out online rate aggregators, local banks, national banks, and credit unions to see what they can do for you.”
Did this answer help you?
Ask us a question by email and we will respond within a few days.
Have a different question?
You can meet us at our office and discuss the details of your question.
Browse by topics
What others are asking
Why is insurance so expensive on a 2010 Chevy Corvette?
I'm 19 and have had my license since I was 16. I have a clean record. I'm getting quotes for $300 or more for insurance. Why is it so expensive?
Jun 10, 2021
How trustworthy are vehicle safety ratings?
I’m looking up safety ratings as part of my research for buying a car. Are these ratings reliable? Do they actually mean anything?
Apr 14, 2021
I can't afford state-minimum auto insurance, but do I have any alternatives?
I was involved in an accident where I was at fault. When it came time to renew my policy, I shopped around and the cheapest policy I could find was $300 a month. I can't afford that. Do I have any other alternatives?
Apr 22, 2021