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How do I get a cheap monthly rate on my car loan?
I want to have low monthly payments on my car loan. What’s the best way to get a car loan with low monthly payments?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Getting cheap monthly rates on your
car loan
can help you budget more efficiently, as well as provide some extra cash for savings—or fun!To get a loan with low payments, start by shopping around. Every lender charges a different interest rate, so the more diligent you are, the better chance you have to save on interest costs and lower your monthly payment.
Another way to lower your monthly payments is to make a sizable down payment. This will reduce the amount of money you need to borrow, which in turn leads to lower monthly car loan bills.
A final way to keep your monthly payment low is to extend your loan length. The longer you extend the loan, the lower your payments will be. However, this comes with a downside—you’ll pay more in interest over the life of the loan.
Regardless of which option you choose, remember that you still need to budget for
full coverage auto insurance
. That’s when the Jerry
app can help.Jerry is an insurance comparison app that shops for low prices with over 50 different insurance companies for free. You will get quotes in seconds, can make changes at any time, and if you ever have any questions, agents are just a text away!
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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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