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9 tips to get a good deal on your first auto loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by offering you interactive financial calculators and tools, publishing original and objective content, by enabling users to conduct research and compare data for free to help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this website are provided by companies that pay us. This compensation can affect the way and where products appear on the site, such as, for example, the order in which they appear within the listing categories and other categories, unless prohibited by law. This applies to our mortgage, home equity, and other products that lend money to homeowners. This compensation, however, does have no impact on the information we provide, or the reviews you see on this site. We do not include the entire universe of businesses or financial offers that may be accessible to you.

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6 min read Published September 30, 2022

Written by Allison Martin Written by

Allison Martin’s career began more than 10 years ago as a digital media strategist. She’s been published in numerous prestigious financial outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He values the clarity of his reporting, which helps readers confidently get deals and make most appropriate choices regarding their finances. He specializes in small business and auto loans.

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In 1976, Bankrate was founded. Bankrate has a proven track history of helping people make smart financial choices.

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The process of buying a car in the beginning is one among the toughest experiences that you can go through. With so many things to consider about the actual car, the loan could fall by the wayside. Don’t let it. Finding a car requires a lot of researchand the more you can do now and the more efficient your financial situation will be in the future. A low interest rate is the only way to an affordable car, regardless of what you end up buying. 1. Be honest with your budget. The main concern when purchasing a car must be the price. Be aware of the amount you pay each month and the overall interest paid to . You should also think about the maintenance costs you expect to pay for of the vehicle, fuel and insurance all are a factor in how much you pay. Experts advise not spending greater than 10% of income on a car. Utilize an estimate tool to calculate the amount of monthly payments and the total amount paid. Then check resources like Edmunds or Kelley Blue Book to see the amount you will spend on the cars you are interested in buying. The most important thing to remember is

Review your financial situation and determine without stretching your budget to the limit.

2. Be aware that longer terms translate to more expensive car is rising. It’s not hard to locate a loan lasting six to seven years however they do have a significant disadvantage. A longer loan duration does mean that you pay less monthly- which could be helpful if you are on a tight budget — but it results in greater interest being paid in total. Even if you purchase an inexpensive vehicle it is possible to quickly be debt-ridden or owe more than the car is worth. For that first car loan opt for the shortest period you are able to afford each month. It may mean you have to reduce your spending in other areas, but it’s by far the safest choice to avoid owing more on your car than it’s worth. The most important thing to remember

It’s likely that you’ll save money in interest by choosing a shorter loan duration, and you can minimize the chance of becoming upside down on your car loan.

3. Examine your score on credit reports and credit scores.. Your credit score will be the most important factor lenders consider when determining your interest rate. To get a good rate, you must have an excellent credit score. Additionally, you will require a history of punctual payments. If you’ve not had the chance to build your credit score or history and history, you’ll have a tough to find a great deal. You may have to use this, which can mean a higher interest rate. But if you can wait for your vehicle loan, try to and build a history of on-time payments. A low ratio of debt to income lets lenders know that you’re able to handle your financial situation. Paint a good financial picture for your lenders to score a good deal. Key takeaway

Make an effort to improve your credit score prior to applying to qualify for an attractive interest rate on the auto loan.

4. Find with more than one lender Comparing lenders is as critical as comparing cars for a great deal. There are a variety of lending options to choose from. include: If you’ve got a low or no credit history, you might be eligible for a first-time car buyer’s loan by local credit unions. You’ll need to be an active member of the credit union to apply for loans So, inquire about ways to join before making any moves. Large banks: Customers with an existing association with an established bank might qualify for an auto loan. As a first-time car buyer, you may face more expensive rates. Online lenders: Online lenders typically have less strict eligibility requirements than traditional banks. This is good news if you lack credit history or have a high score, however, you may expect a higher interest rate to offset the risk of default posed by the lender. Marketplace lenders: These online platforms feature an extensive network of lenders. Submitting an application shares it with the community so that you are able to view possible loan offers from lenders that may be a suitable match. The lenders you can use as captives: may also secure financing through a or finance company that is part of the manufacturer of your vehicle. They typically offer auto loan programs specifically for currently enrolled students as well as recent graduates of college. Every lender has different rates and ways to determine who will get the best terms. It is essential to research and make an application with a variety of lenders. This lets you see what you qualify for, the amount you are able to spend, and how much you will be expected to pay every month. The most important thing to remember is

Shopping around can help your get the most competitive rate on an auto loan.

5. Preapproval is a must. an added benefit that it will likely end with a period of up to 30 days. When you ask for preapproval the lender generates an informal inquiry that doesn’t have an impact on the credit rating of yours. You’ll have time to visit dealers and vehicles without the pressure of securing financing. Getting preapproved gives you the advantage in negotiations. Dealer financing is usually expensive since dealers mark up their rates to gain profits. However, if you go to the dealership with a preapproval letter, you may be capable of negotiating a favorable deal on in-house financing — if that is your preferred route to pursue. Some dealers also offer the option of low-interest financing. If you have already managed to secure unbeatable rates with another lender Your option is simple: reward yourself with a rebate. What’s the most important takeaway

Getting preapproved helps narrow the list of lenders you could consider and also reduces the effect to your credit scores.

6. Choose between used, new or leased Lenders provide different rates on automobile loans for . Lessors have their own way of calculating the monthly payment — called the factor rate and you should do your research on before you take this step. If you are planning to purchase the latest model, be aware that they generally offer lower rates across spectrum. However, newer cars are also more expensive and are likely to decrease in value more quickly due to depreciation. Thus, although you might pay more interest on used cars however, you could still save cash. Key takeaway

New cars generally come with more competitive loan conditions than used vehicles, but your total costs will be greater.

7. Find specials offered by the manufacturer. Many automakers offer first-time buyer programs. Many offer incentives special deals for students in college and recent grads. If you’re planning on buying a new car with a good income or credit that can back you up, and are interested in financing through your home, it makes sense to see if you can get a little money off. Manufacturers also offer rebates, and special leases on new models. Keep an eye out for these. There will be a limit in the items you can purchase and the way you afford it. If you have a clear idea of what you’re looking for and excellent credit, manufacturer specials could help you save money on the first car loan. Key takeaway

Check with the dealer to determine whether you’re eligible for incentives on financing if you’re purchasing a new ride.

8. Use a co-signer or co-borrower If you don’t have stellar credit, you might have a chance be able to get a great deal. The lender will take into consideration both credit scores when deciding whether to finance your vehicle. A to the vehicle but will become responsible for the loan in the event that you are unable to make timely payments. A co-borrower, however, shares ownership of the car and is equally responsible to this loan along with your. No matter which option you pick the person to co-borrow with, they should have excellent or good credit and consistent source of income that meets the lender’s minimum threshold for approval. What’s the most important takeaway

Co-signers or co-borrowers can strengthen your approval odds and allow you to get the best deal on the car loan.

9. Have a big down payment. Once you’ve determined the amount you’ll need to start, make sure it’s at least 20% of the car’s total cost. If you can’t afford this amount, aim for an amount of at least 10%or whatever you are able to manage to afford. Consider using Bankrate’s to find the right amount for you. It may be tempting to buy an expensive vehicle for first-time car buyers, but all first-time car buyers — as well as every car buyer — should use a down payment to reduce the amount they need to finance. A bigger down payment can increase your odds of getting a great interest rate, and also lowers your monthly payments and decreases the amount of interest you’ll have to pay over the loan’s course. What’s the most important takeaway

A higher down payment may be eligible to get more favorable loan terms. Additionally, your monthly payments will be lower.

The next step to finding a fair rate on your first car loan is to be in the game and compare. You could get the best rate when you compare lenders, making the cost of a downpayment and improving building your credit. Find out more

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Written by

Allison Martin’s career began more than 10 years prior to that as a digital content strategist, and she’s since been featured in a variety of top financial outlets such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He is a fan of transparent reporting that allows readers to successfully land deals and make the best decisions for their financials. He specializes in small business and auto loans.

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