How to get a low APR car loan

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More often than usual, car dealers finance your car at a high interest rate, this is because they get a kick back from the lender or providing the loan, it is up to you to shop around for a better rate by going to your bank or a credit union, the process is a little more time consuming but no complicated, and it will save money in the short and long term. Some car dealerships provide in house financing at low interest rates, again do your shopping to see which is best rate available. Your credit score will definitely be a factor, so if a dealer advertises 1% interest rate on new vehicles it is probably based on an excellent credit score, if you don’t have excellent credit try your credit union, you may get a loan that is a half percentage less than you would at a car dealership.

To help figure out payments, interests, and affordability, you should use online financial, loans, or payment calculators such as the ones found at BankRate or other websites, using those calculator you can better plan your loan payments and test different payment schedule scenarios.

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