How to Get Lower Interest on a Car Loan

Are you wondering, “how can I lower my car loan interest rate?” The financial experts at the INFINITI of Tacoma at Fife finance center have your answer! When you’re shopping around for a new INFINITI vehicle, you won’t have to ask, “can you lower interest rates on a car loan?” or “how can I lower my car loan interest rate?” Learn how to get a lower interest rate on a car loan with the team at INFINITI of Tacoma at Fife.

Tips to Getting a Lower Interest Rate on Auto Loans

1. Check your credit score. Knowing your credit score helps you decide if it needs to get improved before applying for financing.
2. Clean up your credit report. Having a clean credit report helps your chances of getting a lower interest rate.
3. Check for refinance loans. Know the average interest rates for your credit score and loan amount. Compare rates and payment terms from multiple lenders and ask your current lender for a lower rate. If denied, let them know you’ve received lower rates elsewhere and see if they can match or beat the lowest offer.
4. Enlist a cosigner. Having someone cosign for your loan sometimes helps car buyers obtain a lower interest rate.
5. Consider in-house financing. In-house financing means that you are making the payments to the dealership and not the bank. Continue making on-time payments, and you will see your credit score increase.

What is a Good Interest Rate?

Interest rates vary based on your credit score and the size of the auto loan. While you can negotiate, most drivers receive an interest rate ranging from 3.2% to 12.9%. Take a look at the 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)

Visit INFINITI of Tacoma at Fife for More Information!

At INFINITI of Tacoma at Fife, we’ll work with you to get you behind the wheel best suited for you while creating a package that won’t break the bank. Whether you’re looking for details on how you can lower your interest rate on a car loan or need assistance finding your next luxury vehicle, be sure to contact us at your earliest convenience.