Unless you’re paying cash, it is no wonder that you are searching for low interest auto loans. Getting the best auto loan rates just makes good financial sense.
However it takes a little work to find the lowest interest, simple work that most people are unwilling to do. Here are some tips to get the lowest auto loan interest rates.
1. Low Online Auto Loan Quotes
There are many banks and auto loan companies online that offer competing auto loan quotes. Because of this almost global competition online lenders are more likely to offer you the lowest interest auto loan quote in order to get your business.
Safe, secure and fast you can apply for a auto loan and get approval in minutes. Then you can compare and choose the one with the lowest interest rate. This allow you to shop for a car like a cash buyer, saving you even more.
2. Get Your Credit In Order
Your credit history will ultimately determine how low the interest rate will be on your auto loan. You should know where you stand, credit wise, before you apply for a loan not after. Get your credit report, it’s easy, and by law you are entitled to one free credit report a year or every 12 months, get it. The three main credit reporting agencies are Equifax, Experian, and TransUnion.
3. Know Your FICO Score
This plays a big part in whether you will be approved and the interest rate of your auto loan. Your FICO scores are the credit calculations or scores many lenders use to determine your credit worthiness.
The FICO credit score range is widely accepted to be between 300 and 850, the higher the better. Raising low FICO scores not only can help you get the lowest interest auto loan but will also save you thousands on the total cost of the car.
4. Dealing With Bad Credit
It is not impossible to get a low interest auto loan with bad credit. In a perfect world you will have your bad credit erased, but as you know this can take time. Time which you may not have before you need a car.
In the case of a bad credit history a low interest car loan does not mean best low interest rate available, but lowest interest auto loan for people with bad credit.
You definitely want to have options in this case. Taking the time to research and compare auto loan quotes will pay off handsomely with a low rate auto loan with bad credit that will allow you to be able to afford that car.
In many cases low interest car loans are just a click away. If you can get your credit and FICO score high or high enough then it is just a matter of shopping for the best interest rate for a auto loan wisely. That is right, shop just like you will for a car, even if you have bad credit. Then compare a minimum of 3-4 auto loan quotes online or locally, this will enable you to find and secure the best low interest auto loans that you can afford.