Getting the Best Car Loan Rate

Getting the Best Car Loan Rate

Getting the Best Car Loan Rate

If you are trying to find lenders with the best car loan rate, you should do the necessary comparisons. I bought my new car only eight months ago and my bank was especially helpful, but I chose another lender because they had the best rates. Doing this is fairly simple if you know how.

Many lenders have varied rates. I had to get quotes from each lender, which for me were the major banks. However, I realized after scouting online that other lenders could offer some better deals if I took the time to make comparisons. That is how I ended up with an online lender that fitted my needs to a T' with their loan and agreement.

So, what is the best car loan rate? Personally I think that is a matter of opinion, but based on the major lenders and the terms of your loan, things may vary greatly. For example:

if you borrow for 36 months, you may get rates from 5.95 to as high as 7.75

if you borrow for 48 months, you may get rates from 5.65 to as high as 9.50

if you borrow for 60 months, you may get rates from 5.65 to as high as 9.50

Obviously how much you are going to borrow will determine what your overall loan amount will be. Your lender will usually use compound interest to calculate how much you will owe over the period of your loan, based on the car loan rate that you have both agreed to. Your lender will then determine what your monthly repayments will be. Obviously, you may pay more than asked for, though some lenders may charge you a fee for paying your loan off sooner than agreed to. However, you are best to find a lender that is happy with early payments and having the entire balance paid off sooner than expected without adding in fees unnecessarily.

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