Shop Around for the Lowest Auto Loan Rate

Getting the lowest auto loan rate requires a bit of leg work and the best thing you can do is to compare. Barrowers though we may be, being choosy about which auto loan to take spells the difference between a fair deal and losing thousands of dollars on a car loan.

Comparing Lenders - Where to Start

First of all, know the applicable loan rates in your state for the car you wish to purchase. Knowing the annual percentage rate or APR makes you one step ahead of any lender trying to scam you into a high interest rate loan. Second, visit your local bank. Often, banks and credit unions offer the lowest rates to their own clients. Third, go to car dealers, but before negotiating a loan rate, go in there and negotiate the best price for the car you like first. When you feel that you’ve exhausted this effort and you already have the best price the dealer has to offer for the car, THEN start negotiating loan or financing schemes.

Written by: Katrina Marion

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