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Who has the best rates for car loans?
I’m contemplating trading in my current vehicle and purchasing a new one—but only if the monthly loan payments are manageable. The last time I financed a car, it was through the dealership. I’m pretty confident I was overpaying and would like to avoid that this time. Where should I go for the best rates on car loans?
Jack Walsh · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
I’m sorry to hear that you believe you were overpaying last time you took out a
car loan
. It’s hard to say who has the best rates for car loans because rates are determined on a case-by-case basis.If you have a prime or super-prime credit score, meaning your credit score is above 660 or 780 respectively, banks or credit unions will likely offer the best rate. In contrast, if your credit score is 660 or below, online lenders, dealerships, or alternative lenders will likely offer the best rate.
However, these classifications are not set in stone, and there are banks and credit unions that will work with lower credit scores. If you want to ensure you’re getting the best rate available, you should shop around to compare offers from several lenders before signing an agreement.
Finally, once you have your loan and vehicle squared away, you can avoid overpaying for your
car insurance
by using Jerry
. A licensed broker that offers end-to-end support, the Jerry app gathers affordable quotes from more than 50 top insurance companies, helps you switch plans, and will even help cancel your old policy.View full answer
- Gregory R.
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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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