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Who has the best new car loan rates?
I want to finance a new car, but I’ve never had a car loan before. My friend told me that credit unions have the best rates, but my dad said dealerships always run promotional deals. So, who actually has the best new car loan rates?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Finding the best available car loan rates is an essential part of buying a car. While your friend and dad could have a long-winded debate, they’re both right! The best car loan rates will depend on both the borrower and the lender.
Historically, credit unions have the best rates because they qualify as nonprofit organizations. Since their focus is the borrower rather than themselves, credit unions offer consistently low rates with flexible terms.
However, dealerships may also offer competitive rates. Dealerships use low rates and discounts to entice buyers to buy older car models around the end of the year. They’ve even been known to offer 0% APR financing, which is essentially an interest-free loan.
Bank car loan rates vary between organizations. While local and regional banks have comparable interest rates to other lenders, national banks tend to be higher.
Nowadays, you can even find lenders online! Because they don’t have a brick-and-mortar location, they can undercut lenders who rely on high returns to make rent. Especially with online lenders, make sure you do some research on the organization before you sign an agreement.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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