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Get best auto loan rates fast

Nail the best possible auto loan rates

If you're looking to finance a new car, you'll need to research to find the best deal. A great place to start is the Bankrate.com page on auto loan rates. It provides a starting point to determine what's high or low when it comes to the current annual percentage rate on a car loan.

Once you have a sense of your range, go directly to local banks and credit unions to get loan quotes and applications. This allows you to comparison shop.

You should get at least three loan quotes. If one of those quotes seems too low, verify that it's an actual offer and not a gimmick.

Here are more tips on getting the best auto loan rates:

  • Determine a budget. It's rare to get a good deal on a loan you can't afford. First, determine your monthly home budget and then how much you can comfortably pay per month for your car. Calculate the length of the loan you want and how much you can afford to put down.
  • Check your credit. Your credit history has a huge effect on the quality of the loan you'll obtain. You should check your credit report before you start shopping so you have time to fix any mistakes or take action to improve your score.
  • Negotiate. Get loan offers before you go to dealers, then bring them with you and challenge the sales representative to get you a better rate. If you can't get better auto loan rates with the dealer, go with the financing for which you've been preapproved.

Finally, here are several questions to ask lenders when you're shopping for auto loan rates:

  • Are there any possible penalties in my loan?
  • What is the precise price I'm paying for the vehicle?
  • What is the total amount being financed?
  • What's the dollar amount I'm paying for the credit (finance charge)?
  • What's the exact amount of each payment?
  • What is the total number of payments?

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