Where do I find the best auto loan quotes?
There's nothing quite like the purchase of a new car. Just the new car smell alone is almost enough to make you finance right then and there. But before you start looking for a new ride to call your own, take the time to shop for auto loan quotes.
Even a small hike to the interest rate can add up quickly, so you want the lowest one possible. Start by shopping online, where you can quickly find current average rates. This will give you a good starting point and a general notion of what is low or high. Use the APR, or annual percentage rate, as a way to compare. Bankrate.com offers an auto loan comparison tool that shows rates at institutions across the nation.
Check local institutions
Your current banking institution may offer you a good deal on auto loan quotes, especially if you've been banking there for a while. Your local credit union may offer decent rates as well. Credit unions are nonprofit organizations owned by their members, so they tend to post more enticing interest rates than other institutions. You don't necessarily need to visit the physical location to check its rates; many banks and credit unions now post their rates online.
Find numerous auto loan quotes
You'll want to get at least three different quotes. Read through the fine print to make sure the low rate isn't just a gimmick to get you signed up for the loan.