Pay your bills on time. Shop around for rates and compare your credit union with what the dealer is offering.
The easiest way to get the lowest rate on your auto loan is to get preapproved by a couple lenders of your choosing and then ask the dealership to beat your lowest preapproval offer.
How to get the best interest rate on car loan. To get the best auto loan rate you should. While a new car will have a higher price tag the newer the vehicle you purchase the better the interest rate that you will be offered. Our top pick for auto loan rates penfed credit union offers some of the lowest rates available.
It s important to remember that the lowest starting rates tend to go to those with excellent credit. At penfed rates for 36 month new and refinance loans start as low as 2 14 while used auto loan. Dealers reserve their best interest rates for brand new cars so that even with the higher purchase price you could still save money over the life of the loan.
Work on improving your credit score.