How to Get Lower Interest on a Car Loan

Securing a favorable interest rate on your car loan can make a significant difference in your monthly payments and the overall cost of your vehicle. Understanding how to get a lower interest rate on a car loan is crucial for Warner Robins shoppers looking to maximize savings. Whether you're financing a certified pre-owned model or looking to refinance an existing loan, knowing the right strategies can help you save money in the long run. The team at Genesis of Macon is here to guide you through the process of getting a lower interest rate on auto loans so you can drive away with the best deal possible. Read on to learn how to get a lower interest rate on your car loan.

1. Check your credit score. Knowing your credit score can help you decide if it needs to be cleaned up a bit more before you apply for a car loan.
   
   
2. Clean up your score. Making sure your credit score is in a good place before applying for a car loan can help in getting you a lower interest rate.
   
   
3. Check for Refinance Loans. Make sure you know the range of interest rates that are average for your credit score and loan amount. Be sure to compare rates and payment terms from multiple Hawkinsville dealerships and ask your current lender for a lower rate. If denied, let them know you've been offered lower rates elsewhere and ask if they're willing to match or beat the lowest offer.
   
   
4. Enlist a cosigner. Having someone cosign for your loan might get you a lower interest rate on your loan, especially if you have bad credit.
   
   
5. Consider in-house financing. In-house financing means you'll be making payments to the dealership instead of the bank. If you make your monthly payments on time, consistently, then you'll also be able to get a higher credit score.

The interest rate you receive depends on your credit score as well as the size of the loan. And while they can be negotiated, on average, Perry drivers can find an interest rate ranging from 3.2% to 12.9%. Based on credit scores, 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)

Our dealership conveniently located near Dublin is committed to helping you secure the best possible financing for your new Genesis. If you're asking, "How can I lower my car loan interest rate?" our finance team is here to assist you every step of the way. We’ll work with you to explore all your available options and estimate the value of your current vehicle. With our expertise, getting a lower interest rate on auto loans is within your reach, so explore our full inventory to get started!