How to Get Lower Interest on a Car Loan

You can get a fantastic deal on a new or pre-owned vehicle at Five Star Chevrolet, but without a good interest rate on our auto loan, you can wind up paying a lot more than you planned. Do you know how to get a lower interest rate on a car loan in Macon? The finance team at Five Star Chevrolet can help! Our financing professionals have all the information you need to know about what lenders look for when it comes to interest rates. Getting a lower interest rate on auto loans is a great way to save money and build an even better credit score. Find out how with us. 

How to Lower Your Car Loan Interest Rate

1. Check your credit score. Knowing your credit score can help you decide if it needs to be cleaned up a bit more before you apply for a car loan in Byron or Robins Air Force Base.
2. Clean up your score. Making sure your credit score is in a good place before applying for a car loan can help you get a lower interest rate.
3. Check for Refinance Loans. Making sure you know the range of interest rates that are average for your credit score and loan amount. Be sure to compare rates and payment terms from multiple places and ask your current lender for a lower rate. If denied, let them know you’ve been offered lower rates elsewhere and ask if they’re willing to match or beat the lowest offer.
4. Enlist a cosigner. Having someone cosign for your loan might get you a lower interest rate on your loan, especially if you have bad credit.
5. Consider in-house financing. In-house financing means you’ll be making payments to the dealership instead of the bank. If you make your monthly payments on time, consistently, then you’ll also be able to get a higher credit score.

What is a Good Interest Rate?

The interest rate you receive depends on your credit score as well as the size of the loan. And while they can be negotiated, on average, drivers can find an interest rate ranging from 3.2% to 12.9%. Based on credit scores, here are estimated interest rates:

• 800 – 740: 3.2% interest rate (on average)
• 739 – 680: 4.5% interest rate (on average)
• 680 and below: 6.5% – 12.9% (on average)

Save on Your Next Vehicle at Five Star Chevrolet

Now that you have the information on how to get a lower interest rate on a car loan, take a look at other ways you can save money when you shop with Five Star Chevrolet. We offer new vehicle specials and pre-owned deals in addition to our already excellent pricing. And when you apply for financing with us, we’ll do the work to find the best available loan rate available to you in the Warner Robins area.