How to Get a Lower Interest Rate on a Car Loan

Are you wondering, “How can I lower my car loan interest rate?” Trucks Only is here to help! We want to help you get the best deal possible on a new-to-you truck near Mesa and Apache Junction. Getting a lower interest rate on auto loans can be done with a little effort, so we invite you to explore the options below to see which one best suits your needs. 

How Can I Lower My Car Loan Interest Rate? 

Can you lower the interest rate on a loan? Absolutely! Learn how to get a lower interest rate on a car loan by reading the tips below. 

1. Check your credit score. The first step is to check your credit score. By knowing your score in advance, you will be able to see if your credit needs work before you buy. 
2. Clean up your score. If your credit score is not quite where you want it to be, that’s ok. Steps like consistently making credit card payments in full and on time can help boost your score in just a few months. 
3. Check for Refinance Loans. Explore the range of interest rates that are average for your credit score and loan amount. Take the time to compare rates and payment terms from multiple places and try to negotiate a lower rate with your current lender. If you are denied, inform the lender of the lower rates you received elsewhere and ask if they’re willing to match or beat the lowest offer.
4. Enlist a cosigner. For those who have bad credit, adding a cosigner to the loan can greatly help lower the interest rate. 
5. Consider in-house financing. With in-house financing, you make payments to the dealership instead of the bank. 

What is a Good Interest Rate?

Now that you know more about getting a lower interest rate on auto loans, you may also be wondering what is considered a good interest rate. Below, you will find the range for a variety of credit scores. 

• 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)

Consult the Finance Experts at Trucks Only Today

Tucson drivers interested in getting a lower interest rate on auto loans should reach out to the finance experts at Trucks Only. We can guide you through the financing process and answer any questions you may have along the way. We are also happy to share our car-buying tips.