How to Get Lower Interest on a Car Loan

Finance Agreement

 

A common question we hear from shoppers at Atlanta Autos is, “How can I lower my car loan interest rate?” Can you lower interest rates on a car loan? Atlanta Autos answers these questions and more in our guide to automotive financing below. 

How to Lower Your Car Loan Interest Rate

  1. Check your credit score. Check your credit score to see if now is a good time to apply for an auto loan. You may want to take a few steps to improve your credit before taking out the loan. 
  2. Clean up your score. Paying all bills on time and in-full is just one way to boost your score over the next few months. 
  3. Check for Refinance Loans. How can I lower my car loan interest rate? You may be a good candidate for refinancing. Compare rates and payment terms from multiple places and ask your current lender for a lower rate.
  4. Enlist a cosigner. If you have bad credit or have yet to establish credit, asking someone to cosign can help in getting a lower interest rate on auto loans. 
  5. Consider in-house financing. Opting for in-house financing could make it easier to get approved for a lower interest rate loan. 

What is a Good Interest Rate?

If you are searching for a low interest car loan, you may be wondering what is considered a good interest rate. The answer to this question really depends on your credit score. In general, Sandy Springs and Kennesaw drivers can expect interest rates that range from 3.2% to 12.9%. Based off of credit scores, here are estimated interest rates:

  • 800 – 740: 3.2% interest rate (on average)
  • 739 – 680: 4.5% interest rate (on average)
  • 680 and below: 6.5% – 12.9% (on average)

Find the Car of Your Dreams at Atlanta Autos Today

Now that you know how to get a lower interest rate on a car loan, it’s time to start shopping. You will find a diverse array of exceptional vehicles right here at Atlanta Autos. Let us help you find one that checks all of the boxes on your wishlist for a competitive price. Contact us today for more information, or start the financing process from home by completing our online application.

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