Friday, February 11, 2011

Getting Better Vehicle Loan Interest Rates

Car Dealer FinancingCar finance interest percentages are different from lender to lender, and from one situation to the next. You may be able to get the lowest amounts through the lender's financing process. Many new car dealerships work with several lending institutions, and you may be able to get good vehicle interest rates from them.

Lenders or dealerships will sometimes offer promotions that feature lower vehicle loans interest rates. This can be for first time buyers, students, credit union members, etc. Watch for local dealers who promote special vehicle finance interest rates, and check to see if it will work for you and your specific financial/credit situation.

Applying online is often a great way to get good auto finance interest rates. There are many sites that will submit your application to a lender or dealer who can work with you. Examine all of the loan figures, especially if the interest rate seems too good to be true. Look how many months the loan term consists of. See if there is some kind of penalty if you pay your loan off early. Credit unions are often known for having better car loan interest rates.

Lenders such as banks, credit unions, and finance companies all have different rules and formulas that they use to determine interest rates for new and used car dealer financing. For a particular dealership, especially if they have bad credit financing options, a lender will calculate an interest rate based on the buyer's credit score, the vehicle's mileage, the vehicle's age, the vehicle make and model, and possibly several other factors. Because of this, there is no one way to predict or assume what your interest rate will be on a car loan.


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