Can you Get the Best Auto Loan Rates?
The major factor for the best auto loan rates is your credit. This does not mean that you cannot get a great rate if you have poor credit or less than perfect credit. You just have to know where you can go to get the best auto loan rates or you may just end up paying much more for your vehicle than you need to.
Are you thinking about buying a new or used automobile? Do you want to make sure you get the best auto loan rates you possibly can for your purchase? There are some tricks to getting a good rate on your auto loan. You need to arm yourself with these tips so that you can get the best possible deal and rate on your car or truck.
How You can Get the Best Auto Loan Rates
First, you need to understand that if you are purchasing a used vehicle, you can check with your bank to see if they will give you a better rate than the financial institution that the dealership uses. Plus if they give you a better rate you can take it back to the dealership and see if they will make a counter offer. This is a great way to get a lower rate.
Second, shop dealerships and find a couple of vehicles you like that are in the same class. This would be if you are looking for a coupe go to a Chevrolet, Ford, Toyota, and a few other dealerships and find a couple at each that is in the same price range and work out a deal. Then, you can use the best deal as leverage with the vehicle that you really want.
Third, you should try to avoid any auto loan that is over 7% on used and over 3% on new right now. There are plenty of places that will finance you at 0% or very close to 0% on a new vehicle and at 5% to 7% on a used vehicle. There is no need to pay more and you should refuse to pay more than this or you are not getting the best auto loan rates.
Getting the Best Auto Loan Rates if you have Bad Credit
If you have bad credit there are still a few ways you can get the best auto loan rates. Bad credit is found much more often now than it ever has been before and this means that lenders have made it easier for those with bad credit to get the financing they need. This is simply because they still have to give out loans in order to make money.
When you want to get the best auto loan rates and you do not have perfect credit you have to get a bit more creative. There are some dealerships that will still give you a great rate if you can put a nice amount of cash down for your vehicle. However, if this is not an option you need to know where you can look to get the rate that is best for you.
One of the best places to get a great rate with bad credit is called My Auto Loans. This is an online lender that will approve you rather fast and will give you the rate that you deserve. If any auto financing company can help you out with getting the best auto loan rates with bad credit is it My Auto Loans.
Related Auto Loan Rates Articles