Check out low APRs for new car loans, the best used car loan rate, and the best auto refinance rate.
| Auto loans | APR as low as... |
|---|---|
| Source: Bankrate, rates as of 5/3/2018. Rates vary depending on credit score and loan term. | |
| New auto loan | 4.74% |
| Used auto loan | 4.74% |
| Auto refinance | 2.99% |
Car dealers usually offer financing through their preferred lenders, but that’s not your only option. Getting pre-approved directly with a lender helps you to negotiate the best auto loan rate before you even get to the lot and probably save money in the long run.
Salesmen like to focus on the monthly payment, which makes it easier to forget about the actual price of the car. But when you show up with a pre-approved loan in-hand, the only thing left to discuss is the price of the car. Some dealers might even try to beat the best auto loan rate you got elsewhere, giving you the option to choose the best offer.
Whether you’re applying with an online lender, credit union, or bank, the application process is simple. The whole shebang could take as little as 20 minutes online as long as you have the following information on-hand:
This information helps lenders get a clear picture of your’ financial status, making it easier to secure the best auto loan rates you may qualify for.