Lowest Auto Loan Rates – Locking in Low Rates on Your Car Loan
Posted on | January 26, 2010 | No Comments
Finding the lowest auto loan rates could greatly help you to save a significant amount of money on your vehicle purchase. By locking into low rates on your car loan you could end up saving several thousand dollars over the course of your loan payments. Unfortunately, many car buyers do not realize this and they sign up for whatever loan they are offered.
If you have watched any television commercials over the last several months you have probably seen car dealerships advertising 2.9% financing or less. It is important to note that this financing is only available to well-qualified buyers. Unless you have a credit score above 700 you would not be considered a well-qualified buyer.
If your credit score is well below 650 you are going to find it extremely difficult to get financing through a car dealership. You are likely to have to go through other resources to get an auto loan. This does not mean that you cannot buy a new car; it just means that you are likely to not get the low interest rates you are seeing advertised.
It is important to make sure that you get the lowest auto loan rate possible for your current situation. To do this you may want to contact several auto loan lenders and get a competitive rate quote. Unfortunately, it is extremely hard to get an accurate rate quote without going through the application process. It might be well worth it to apply to several lenders just to see what interest rate you can negotiate to.
Author: Mike Garner
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