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How to get the cheapest car loan possible Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by providing you with interactive tools and financial calculators as well as publishing original and objective content. This allows you to conduct your own research and compare data for free and help you make informed financial decisions. Bankrate has agreements with issuers, including but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this website are provided by companies that compensate us. This compensation could affect how and where products appear on the site, such as such things as the order in which they may appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage or home equity products, as well as other home lending products. This compensation, however, does have no impact on the content we publish or the reviews you read on this site. We do not include the entire universe of businesses or financial offerings that could be available to you.



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4 min read Published September 20, 2022
Written by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers with the ins and outs of securely taking out loans to purchase the car they want.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing concise, well-researched, and clear data that breaks otherwise complicated topics into bite-sized pieces.









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The credit rating of your, vehicle you purchase and your lender all play an important role in the price of the auto loan. Finding the most suitable place to borrow from is a process that involves several applications and additional research before shopping. However, getting preapproved grants you more negotiating power when you visit the dealer -- and can help you find a low-cost car loan that can save you thousands of dollars over the loan term. Five steps to get a low-cost car loan Be prepared to look around for a loan by knowing your budget and credit score, as well as the ideal loan duration. These steps will help guide you toward an affordable -- and perhaps even affordable --- lender. 1. Be aware of your budget Experts suggest that you do not spend more than 20 percent of your annual income to auto loan costs, which includes your monthly loan payment, the cost of fuel, and other associated costs. (The recommended maximum for new and used car payments is 15 percent and 10 percent, respectively.) Ideally, you should walk into an auto showroom with a clear concept of what you want, and include the additional . Stay within your budget while finding a car that meets your needs. Make use of sites such as Edmunds as well as Kelley Blue Book for car price and reliability estimates. Interest rates on new cars tend to be less than on but used vehicles typically cost less overall. 2. Review your credit report Lenders consider your credit score when they evaluate your capacity to pay back a loan. The higher your credit score, the lower your interest rate. If you're looking to secure the most favorable rate the lender offers, an excellent score is typically needed. You can get your score as well as credit history from Equifax, Experian and TransUnion or at no cost at . Try and get your credit rating in the most favorable possible condition before applying for an automobile loan. Some ways to include: Filing disputes with the credit bureaus. If you notice any inaccuracies regarding your credit score, you should file disputes with the appropriate credit reporting agency as soon as you can. Negative information on your credit report that's inaccurately reported can drag your credit score. Being current with all outstanding debt balances. Pay history makes up 35 percent of your credit score, therefore it is essential to bring debts that are past due and pay them on time for all your outstanding debt moving forward. Reducing your unpaid debt balances. You should aim to bring your credit utilization rate of 30 % or lower, to help boost your score on credit. You can also to lower the rate of credit utilization. Avoiding new credit applications. Avoid applying for different types of loans or credit cards. Multiple hard inquiries within the same time frame could affect your score on credit. 3. Apply to multiple lenders. Although many lenders utilize the same factors to determine the interest rate they will use however, they use these factors differently. The best way to find the lowest rate, that is based on your credit rating is to apply to multiple lenders. Gather information from a few banks, credit unions and online lenders and then compare their interest rates. A quick search will give you an idea of what's available. And once you have an idea of what you qualify for, you'll have an understanding of your monthly installment will be. Plus, if you do wish to, you could discuss an existing backup plan in place. 4. Make an application for loans within a 14-day timeframe. Each credit application you submit will result in a hard credit inquiry which can lower your score on credit by couple of points and remains on your credit report for up to two years. The impact of hard inquiries can affect your credit score for up to 12 months, which makes several applications during a brief time frame detrimental to your credit score. Luckily, an exception to the rule is applicable to auto loans. Any loan applications that are submitted within a 14-day window count as a single inquiry, which reduces the dip in your credit score. Be aware that any applications made within this time frame could result in an even more drastic drop of your credit rating, and make you ineligible for the best rates. 5. Take the time to calculate While the low annual percentage rate (APR) is appealing, it is not the only figure you should worry about. The value of your trade-in previous car, your and will be a factor in your total price of the new car. In the end, the more you can pay upfront (and the lower interest you'll pay in the long runthe less expensive you car loan will be. Utilize an application to determine the amount of interest you'll be paying and the monthly amount you will pay. It's a great tool, particularly when you prequalify with multiple lenders and know what rates to expect. The majority of car loans are available in terms of 24 to . And while a longer term means a lower monthly payment but it will cost more overall due to the cost of interest. Choose a loan with the shortest term you can be able to afford, and lower the total cost. How to find the lowest-cost car loan Dealerships collaborate with credit unions, banks along with online lender to get you financing. If you want to get the lowest cost car loan, you should to not pay extra interest on the same loan. Banks: If your have an account opened with a financial institution, you can look to get the possibility of an auto loan. It is possible to score a relationship discount in addition to a competitive interest rate. Because the majority of dealers use banks for financing they will provide the same services . Online lenders: Because online lenders compete with credit unions and banks, they tend to offer similar rates. They also deal with borrowers with poor credit some credit history, which makes them a good place for an affordable loan in the event that you do not have an extensive credit history. Credit unions: As they're nonprofit, they often offer competitive rates and similar loan terms to a bank. This means they're one of the most affordable options to obtain an auto loan. But because you have to be a member, it may require a couple of monthswith having an active account before you're able to apply. The next step is to apply for a car loans are one of the most expensive expenses people have to pay for, so put in the work to find the cheapest vehicle loan possible. Find out the monthly payments and total loan cost that you can manage prior to signing the contract for an all-new set of wheels. Find out about and prequalify with several lenders to make sure you're getting the best price. Learn more


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Writen by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely using loans to buy the car they want.



The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are passionate about helping readers gain the confidence to manage their finances by providing precise, well-researched and accurate data that breaks complex topics into manageable bites.






Auto loans editor




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