Carrie Reeder asked:
Because more people are financing their car purchases, lenders have been
competing for borrower business. This means that rates are very competitive.
This article will offer tips on how to get the lowest car loan rate possible:
Know the Prime Rate
The federal government sets a prime interest rate, and lenders usually base
their auto loan rates loosely on it. In other words, when the prime interest
rate is set low, interest rates will be low from lenders. Conversely, when the
prime interest rate is high, interest rates will generally be high. Keeping this
in mind, it is a good idea to take a look at what interest rates are doing
before shopping for an auto loan rate. If interest rates are on the higher side,
it would be na
Because more people are financing their car purchases, lenders have been
competing for borrower business. This means that rates are very competitive.
This article will offer tips on how to get the lowest car loan rate possible:
Know the Prime Rate
The federal government sets a prime interest rate, and lenders usually base
their auto loan rates loosely on it. In other words, when the prime interest
rate is set low, interest rates will be low from lenders. Conversely, when the
prime interest rate is high, interest rates will generally be high. Keeping this
in mind, it is a good idea to take a look at what interest rates are doing
before shopping for an auto loan rate. If interest rates are on the higher side,
it would be na
