How to Find Current Car Loan Rates

Whether you are upgrading your existing automobile or you are looking to finance your first large purchase, there are many rates obtainable for your car loan. Banks, credit unions and auto dealerships all offer financing options in the event of a new or used car purchase. With a little research and knowledge, it is easy to get the best rate available for your credit score.

Instructions

1. Know your credit score. It is obtainable through one of the three credit bureaus and other financial Internet-based companies. Credit scores might cost a nominal fee to obtain.

2. Research the current interest rates. The websites of many financial institutions and banks list the current rates.

3. Get pre-qualified at your bank or credit union. Dealership auto loan financing options usually offer higher rates than banks and credit unions.

4. Consider a dealer with a zero percent financing option. Some dealers only offer it as an introductory rate, so be sure to take into account the default car loan rate.

5. Look into a variable rate auto loan. These loans are based on the national prime interest rate.

Tips & Warnings

• Be sure to take steps to boost your credit score prior to applying for a loan. A good credit score ensures the lowest interest rate available.

• Remember the term of your loan affects the interest rate. Know your ideal term before you look into financing options.

Resources

• Compare auto loan rates at Bankrate.com
• Capital One Auto Finance
• TransUnion
• Equifax