QI Want To Ensure I Get The Best Auto Loan Interest Rate And Want To Look Under Every Rock For The Lender That Can Give Me The Best Rate. What Are My Choices Of Lenders And Who Has The Best Rates?
ACar buyers have a wide range of financing options to choose from, and if cost is your main concern, you'll find the best auto loan interest rates online. The best deals will not be found at the local car dealership, as they try to mark up the interest rate in order to add more money to their profit margin, and buy-here/pay-here car lots are an insult when it comes to the interest rates they offer. The local bank can offer you a decent interest rate, but not the best. Credit unions can usually beat out the local banks because they are nonprofit organizations that aim to save their members money. Online lenders can usually beat them all because of their extremely low overhead and the competitive nature of online lending. If you don't mind putting your home up as collateral for your car purchase, you might also want to look into using a home equity loan to finance your car purchase if interest rates are low. If worse comes to worse and you don't qualify for an online auto loan or a loan with any of the traditional lenders, don't fall for the buy-here/pay-here schemes mentioned above. Check with your friends or family. They may be willing to lend you the money at a low interest rate or with no interest at all.