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How do I avoid paying high interest rates on my car loan?
I don't want to pay more interest than I have to on my car loan. What are some tips to minimize interest payments?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Perhaps the best way to avoid paying high interest rates on your
car loan
is to shop around. By shopping around, you can compare rates from all types of lenders, including third-party options, national chains, and local banks and credit unions. By visiting all of these different options, you can get the best rate for your car loan.That said, you still have a few other hacks to help you get the best interest rate for your car loan, including:
- Going with a shorter term rather than a longer one
- Building up your credit score
- Making a largerdown payment
- Adding a cosigner with strong credit
When you consider buying a car, you should also budget for other car ownership expenses, including maintenance, gas, and car insurance. But one great way to save cash on car insurance is through the
Jerry
app. Jerry compares personalized rates from more than 50 top providers, including Nationwide, Allstate, and Travelers, and delivers the best deals to your phone in minutes for free. The average Jerry driver saves $879 a year on car insurance!View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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