New and Used Auto Loan Rates Choose Your State Below
Research your options when shopping
for an auto loan Source:
Informa Research Services
If
you're looking for the best auto
loan rate,
consider researching your options before accepting an offer or deciding based on
what appears to be a good deal.
Many
consumers will start with the factory or dealer financing option. While this
avenue may be simple, with a one-stop-shop process often involving less steps
and taking less time, it may not offer the best
interest rates or loan terms. Explore both dealership and factory-direct deals, as one may have
a better overall offer, such as reduced rates for the beginning of the loan or
package incentives.
Don't
assume that a poor credit rating excludes you from bank loans. A good place to
start when exploring financing is your home bank, especially if you've carried
accounts there for a substantial amount of time or have a mortgage through the
same institution. If your bank is familiar with you and has seen you
successfully meet repayment terms in the past, loan officers may be more
forgiving on loan terms.
If
you bank through a credit union, this may also work to your favor. For
industry-specific unions, such as those tied to public institutions or agencies
such as military branches, special programs may help you get better loan terms
thanks to your affiliation.
