Hunting for the Lowest Used Car Loan Rate

Hunting for the lowest used car loan rate is worth the little bit of effort it takes. The difference of just a point in the interest rate will make a significant difference in your total loan payout. So let's look at how you can find the lowest used car loan rate.

If you have a bank you deal with, you should see if they will match or better the interest rate of other lending institutes. Make an appointment with a lending officer.

Grab a chair, a phone book, phone, pen, and paper. Now phone each lending institute listed and find out what their current interest rate is on used car loans, and how long the term will be. You are looking for the lowest used car loan rate available locally.

One of the easiest ways to hunt down the lowest used car loan rate is to make use of the internet. There are all kinds of lenders online that offer rates that are very competitive, often much better than what your local bank will offer.

The process for getting these loans is simple. Once you find the lowest used car loan rate you fill out the online form and follow the instructions. If your credit score is high you can get instant approval. If it is necessary for a human to review your application expect 48 hours until you are notified, which is still very reasonable.

The cost of your vehicle should include the interest you pay, so hunting for the lowest used car loan rate will keep your investment to a minimum.

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