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Who has the best interest rates on car loans?
I’m looking for a good lender to give me a car loan, but I keep finding agreements with ridiculous interest rates. In general, who would have the best interest rates for car loans?
Joshua Levy · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Shopping around for a car loan is one of the most important steps in finding the best agreement. Unfortunately, there isn’t a definitive list outlining the places to look for the
car loan
lowest interest rates. In most situations, the best available interest rates depend on you.Lenders look at several factors, including your credit score, to determine APR. Many institutions offer
APRs
around 2% for borrowers with excellent credit scores, but borrowers with bad credit will never qualify for such offers.Similarly, some dealers offer special deals for 0% APR loans when they need to sell excess inventory at the end of the year. However, you’ll need a credit score of at least 740.
Plus, lenders often include extra conditions with low APR loans to help them make up the money they lose on interest. Some lenders may work hidden fees into the agreement or pressure you to buy warranties or policies you don’t need.
If you’re looking for a car loan with a low APR, shop around and compare offers from a few lenders before you settle. While there isn’t a single place for you to find a low interest rate, you may be able to find better deals by exploring your options.
If you’re worried about high costs associated with car loans, start saving on car insurance with
Jerry
. A licensed broker, the Jerry app can help you compare personalized quotes from over 50 top providers like Progressive and Nationwide for free. When you find a better plan, Jerry can help you buy your new coverage and even help cancel your old policy!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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