How to Shop Around for the Best Interest Rate on a Car Loan

Posted: Thursday, May 26th, 2016

Here at Green Light Auto Credit, we strive to provide car shoppers with the best financing rates available. We want to help you get the car loan interest rate that fits your needs and your budget best. One way to guarantee that you’re getting the best deal on your auto loan is by shopping around and bargaining for the best rates available.

Use One Offered Rate to Leverage an Even Lower Offer from a Dealer

It might surprise you, but one of the reasons that we recommend that you apply for financing with us, is so you can be prepared to bargain with the dealership when you find the car you want. We offer competitive rates, and when you arrive at the dealer with an offer of financing already in hand, then you can negotiate and bargain. You might even be able to convince the dealer to offer you a lower rate, or you might be able to take advantage of other incentives offered by the dealer or manufacturer since you already have financing arranged.

When Should You Forgo Shopping Around?

If you apply for financing multiple times you can actually harm your credit score, and in the end, the financing rate you might be offered. One situation where you don’t need to even bother shopping around is when you see a financing rate that’s approaching 0. Anything below 3 percent APR will be hard to beat. At that point the financier is hardly making any money at all off the loan. If you see a nearly unbeatable financing offer you might as well go for it, because shopping around will just take time and you might miss out on the financing offer.

Let Green Light Auto Credit Help

We offer exceptional financing rates for car shoppers, and you might just decide that it won’t get any better. We also specialize in financing for drivers of all credit ratings – if you’re having trouble getting financing from other lenders don’t hesitate to apply with Green Light Auto Credit.

Find the Financing You Need at Green Light Auto Credit

Contact Green Light Auto Credit online now or give us a call at (800) 200-5551 to find out more about our auto loan options or for help with questions about car loan interest rates. We can help all kinds of drivers get a low-interest auto loan to make a new or used car purchase quickly and easily.