-
Step 1
Check your credit score. This is the baseline that lenders will use to determine whether or not you're approved for a loan, and the rates that you qualify for. If you already know your score before you go in, you can check for potential errors from lenders.
-
Step 2
Determine the state where the loan will be. Some people with multiple residences might want to choose the state that has lower rates.
-
Step 3
Decide how long you want the life of the loan to be. Interest rates tend to go up when you pay on a loan longer.
-
Step 4
Shop around in your area. Call lenders and find out who has the best rate. You can also ask about any special promotions they're offering at that time.
-
Step 5
Compare rates from national companies. Many of these can be found through various online websites.
-
Step 6
Add up the fees. Sometimes, a bank might have the best rate, but all the extra fees can actually mean you end up paying more.
-
Step 7
Get approved before you go to the dealer. When you have rates to compare it to, your dealer might be more eager to find you a better rate through his own contacts.
