Get a Lower Intereste Rate

Have you been wondering, “how can I lower my car loan interest rate?” You’re not alone! Many Gardendale drivers turn to the finance experts at Edwards Chevrolet Co., Inc. for car buying tips. We can help you learn how to get a lower interest rate on a car loan for your new car upgrade with ease. Discover more about getting a lower interest rate on auto loans with our team below!

How Can I Lower My Car Loan Interest Rate?

Do you ask yourself, “can you lower the interest rate on a car loan?” Follow these steps below to start the process of getting a lower interest rate on auto loans:

1. Check your credit score. If your credit score needs a bit of work, making improvements before you apply for an auto loan can help secure a better interest rate.
2. Check for Refinance Loans. After reviewing our guide, you will understand the average loan interest rate based on credit score. You can use this information to shop around Hoover for the best loan and negotiate for a more favorable deal.
3. Enlist a cosigner. Turn to a trusted family member or close friend who can cosign your loan. This is a great way to secure an opportunity to improve your credit score.
4. Consider in-house financing. In-house financing means you will be working directly with the dealership instead of a traditional lender like a bank or credit union. This allows for some negotiating and wiggle room, as well as a chance to build stronger credit over time.

What is a Good Interest Rate for an Auto Loan?

If you are asking “can you lower the interest rate on a car loan,” it is important to note that your credit score plays a major role in your determined interest rate. While they can be negotiated, the average interest rate ranges between 3.2% and 12.9%, so learning how to get a lower interest rate on a car loan with our team can certainly lead to intense savings. Based on credit score, 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)

Finance Your Ride in Birmingham

Now that you have found the answer to, “how can I lower my car loan interest rate,” with Edwards Chevrolet Co., Inc., it is time to find your Bessemer upgrade. You can apply for financing with Edwards Chevrolet Co., Inc. from the comfort of home now that you know the steps towards getting a lower interest rate on auto loans. Contact us if you have any lingering questions like, “can you lower interest rate on a car loan,” today!