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3 Ways To Get The Lowest Interest Rate On Your Car Loan

If you're like the average American, chances are you buy a new car every five years or so. Most people need an auto loan when they buy a new vehicle, whether it's a car, truck, SUV or van and since the interest on auto loans can add up over time--especially on a five or seven year loan!--it's important to try and get the lowest rate possible on your car loan. So find a low rate car loan by

Getting your loan before you shop!

If you wait until you get to the car lot to think about financing, the dealer will try and push "dealer financing" on you. That's because his financing usually comes with extra "padding" to make you pay more--and to boost his bottom line. The interest rate on dealer financing is often 3% higher than financing from a bank, credit union and or online loan company. So get a loan before you shop for a car. Another bonus: you'll have more negotiating power for the price of the car since the dealer knows you're a financially stable customer.

Knowing the current rates!

You'll never know if you're getting a good deal unless you know the going rates for car loans! Search the web, call around to local banks and ask friends or family what the current interest rates are for car loans. Be sure to compare apples to apples by considering things like loan term, since longer term loans often have lower rates. Your credit history will have an effect on your rate, too.

Comparison shopping!

Get quotes from as many lenders as possible. Check with your current bank, credit unions, online lending services and other loan companies. Get at least 3 or 4 different loan quotes so you can compare rates, terms and fees. Let them know you're shopping around and that you've received better offers. It's possible they'll lower your rate or drop your fees to get your business.

You may also want to consider an online lending service that allows you to compare rates between multiple banks and loan companies at one time, since they're a convenient way to shop around without getting multiple hits on your credit report.

About the Author :

Try using www.abcloanguide.com for a list of Recommended Auto Loan Lenders online. Their recommended lenders are reputable and offer competitive rates.

More Useful Resource and Updates on mortgage interest rate home loan

CBA joins rate cut rush (Adelaide Now)
THE Commonwealth Bank of Australia has cut its home loan rates, the third major bank to make a cut independent of the Reserve Bank.

ANZ cuts variable home loan rate (The West Australian)
ANZ Banking Group Ltd has moved to lower its variable home loan interest rate by 25 basis points, saying the cost of wholesale funding was easing. Effective from Monday, October 27, the interest rate on ANZ's standard variable rate home loan will fall by 0.25 percentage points to 8.32 per cent.

CBA cuts variable, fixed home loan rates (News Interactive)
THE Commonwealth Bank has dropped interest rates after its rivals led the way over the weekend.

RBI cuts repo by one pc; loans to get cheaper (Chennai Online)
Mumbai, Oct 20 After shoring up the banking system with Rs 145,000 crore funds, the Reserve Bank today paved the way for cheaper home, consumer, corporate and personal loan rates by slashing its key short-term lending rate (repo) by 100 basis points.

Commonwealth Bank cuts home loan rates (Australian Broadcasting Corporation)
The Commonwealth Bank has joined its rivals in cutting its main mortgage rate.

Wealth Special: Will a CRR cut reduce loan rates? (IBN live)
As RBI cuts CRR, Wealth tell you how this move your home loan interest rate.

Monday, October 20, 2008 (Deccan Herald)
After shoring up the banking system with Rs 145,000 crore funds, the Reserve Bank on Monday paved the way for cheaper home, consumer, corporate and personal loan rates by slashing its key short-term lending rate (repo) by 100 basis points.

Consumer Loan Ratings (The Springfield News-Leader)
Springfield financial institutions quoted the following rates Friday for home equity, auto and boat loans. The home equity rate is based on a $10,000 loan or line of credit with applicable points included. Rates are variable unless otherwise noted. Additional fees are not included. The auto loan rate is based on a 48-month contract for a new car. The boat rate is based on a loan for a new boat.

ANZ cuts variable home loan rate (Sky News Australia)
ANZ Banking Group Ltd has moved to lower its variable home loan interest rate by 25 basis points, saying the cost of wholesale funding was easing.

Interest.com - Mortgage Rates
Offering mortgage market information services including a compilation of lenders from across the country.

Bankrate.com
Provides rates for mortgages, consumer loans, savings accounts, and credit cards.

Bankrate.com: Mortgages
Consumer guide to mortgage loans and interest rates. Includes mortgage calculators, basic tips for home buyers, and a library of feature articles.

FDIC: Looking for the Best Mortgage
... in mind that when interest rates for adjustable-rate loans go up, generally so ... a home buyer a specific interest rate on a home loan provided that the loan is ...