In short, there isn’t a specific lender or type of lender that’s guaranteed to offer the best rate. However, credit unions can often offer the lowest rate because they aren’t hindered by their fiscal obligations to stakeholders or shareholders. That said, banks, third-party lenders, and even dealerships offer promotional rates below that of credit unions from time to time.

But if you’re looking for the best rate on a car loan, always shop around. By doing so, you ensure that you find the best rate, term, and payment date available at the time you want to purchase a vehicle.