Auto Loan Rates This Week: Average Rates Mixed, 3 Year Loans for New Autos Lower and 4 Year Loans Higher
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Finding the Best Auto Loan Rates
Finding the best auto loan rates these days has become a lot easier thanks to websites that allow you to compare auto loan rates.
At the same time getting an auto loan has also become more difficult since the credit crunch last fall, particularly getting a low rate auto loan.
Some auto companies are offering zero percent interest auto loans, but only a select few who have stellar credit scores qualify for those loans.
Getting the Best Auto Loan Rates
Auto loan rates will vary depending on several factors, including your credit score and the type of auto loan you need. Used auto loan rates tend to be higher than new auto loan rates. Bank auto loan rates tend to be higher for a used auto when buying a car directly from an individual instead of from a dealer. Not all banks offer a used auto loan so you’ll have to do some research finding one that does. You can find some of the best auto loan rates from credit unions.
A few banks also offer refinance auto loan rates which will allow you to refinance an existing auto loan. Before you start this process you should find out if refinancing an auto loan is even worth the trouble and the cost. You can use a refinance auto loan calculator to help you make that decision. Surprisingly some banks offer bad credit auto loan refinance options. If you have a bad credit history finding the best auto loan rates available won’t be easy.
Most people start their car search based on a particular car they are interested in. Another option is to see how much you qualify for before you start your search, that way you have a particular price range idea when start. Nothing is more disappointing than falling in love with a particular car and then finding out you can’t afford it.
Seriously consider a used car ( pre-owned) over a new car, although used car auto loan rates are higher than new car auto loan rates you will save thousands of dollars on the purchase price, plus you will be refinancing less so you will also save money on interest payments.
The tools to find the best auto loan rates are online and easily accessible, so start your search online for the best auto loan rates before you even step into a dealership or search car comparison shopping sites.
Another consideration you keep in mind when shopping for auto loan rates is finding the best auto insurance rates. This task has also been made similar by sites that compare auto insurance rates. You can start your search right here, MonitorBankRates.com has an auto insurance tool that allows you to compare auto insurance rates in your zip code.