Finding Banks with Low Rate Auto Loans

You are not likely to find the best low rate auto loan direct from your dealer. Dealers may offer low rates but provide multiple contingencies or penalties. Typically, banks or dedicated lenders will provide better financing options. Below are some tips that you can use to find a good loan with a low rate.

 

Ask for Hidden Discounts


Low rate auto loans may be available to recent college graduates, homeowners or teachers. For example, if you are in medical school you may receive a discount. Your lender will not usually be up-front with this information, so you need to ask. Read a corporate brochure on auto loan procedures to look for hidden discounts.

Work With an Existing Lender


Do you have other loans with a particular bank? If you have student loans or a mortgage with a lender, you may get a low rate auto loan from that same lender. Some banks give discounts to a person who has more than one loan with them. It may even be possible to bundle the loans into one monthly payment.

 


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