How to Get a Lower Interest Rate on a Car Loan

Most Tifton and Americus car shoppers are interested in getting a lower interest rate on auto loans. The finance department at Five Star Hyundai of Albany is here to help! If you’re wondering if you can lower the interest on your car loan, take a look at our guide to navigating interest rates, then contact us and find out how we can work together on getting a lower interest rate on your auto loan. 

Ways You Can Lower the Interest Rate on a Car Loan

There are some steps you can take at home in Camilla that can put you on your way to getting a lower interest rate on your auto loan. If you’re wondering, “How can I lower my car interest rate?” here are some things you can do: 

• Check your credit score. Knowing your credit score can help you decide if it needs to be cleaned up a bit more before you apply for a car loan. Most lenders give better interest rates to buyers whose credit scores are over 675. 
• Clean up your score. This involves two tasks. First, check your credit report for errors and dispute them. Second, see what debts need attention to boost your score. 
• Check for Refinance Loans. If you’re asking how you can lower your car interest rate, consider refinancing. You can refinance the remainder of your auto loan. Just make sure that the loan rate and terms are better than your current loan. 
• Enlist a cosigner. Having someone cosign for your loan might get you a lower interest rate on your loan, especially if you have bad credit.
• Consider in-house financing. In-house financing means you’ll make payments to the dealership instead of the bank. If you make your monthly payments on time and consistently, then you’ll also be able to get a higher credit score.

What is a Good Interest Rate?

The best way to get a lower interest rate on a car loan is by improving your credit score. Here are credit score ranges and a general idea of what interest rates they’ll garner: 

• 800–740: 3.2% interest rate (on average)
• 739–680: 4.5% interest rate (on average)
• 680 and below: 6.5% – 12.9% (on average)

Apply for Auto Financing at Five Star Hyundai of Albany

If you’re looking for how to get a lower interest rate on a car loan, it depends on your lender. When you apply for financing with Five Star Hyundai of Albany, we’ll do the legwork to get a great loan rate for you! Our connections make it easy to compare auto loan rates and offer you the best ones available to you. Sometimes getting a lower interest rate on auto loans is just that simple when you shop with us!