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
Eric Schad
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.”

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