#used car loan
When it comes to finding a great used auto loan rate, there are plenty of deals available today. Having a good credit score can help guarantee that you will get a decent rate, but you will also have to shop around a bit to find the absolute best rates out there. Below is a short list of some of the more common places to find great used car loan rates.
Many people believe that years of building a relationship with a local bank will eventually pay off when it comes time to buy a new car. That does not typically happen, however, because rates for these products are set globally for the bank, and there s not much leeway to change them for individual customers.
That said, there are two common ways to find great used car interest rates at banks. First, some banks will offer preferred pricing for customers who have a relationship with that bank whether they ve been with the financial institution for years or simply opened an account to access the loan rates. These discounts can run anywhere between 0.025% to 0.100% off the loan rate.
In addition, banks will sometimes run promotional rates to gain market share or for other reasons. Either way, by keeping your ear to the ground, you should be fully aware when these rates become available.
From a pricing standpoint, credit unions act much like local banks. The main difference is that they typically will have lower overhead costs, meaning that they can offer lower lending rates. Credit unions will also be more likely than banks to offer really low rates on shorter term loans, such as 24 or 36 months.
Many people like to maintain a relationship at a credit union simply to access these low rates. If you are not already a member, you should inquire to see if either your employer has an affiliation or if there is a community credit union in your area.
When it comes to shopping online for anything, it s important to be mindful of the potential pitfalls that are out there. There are plenty of scams on the Internet, though there are some decent deals to be had. Many lending websites will essentially allow larger banks to compete with each other to offer a qualified buyer the lowest rate. Do your homework, and then try a few out.