Current Car Loan Rates: Compare Interest Rates for the Best Auto Financing

Undertaking some research into current car loan rates is an essential part of finding the best possible deal. By locating and comparing a number of options, you will be able to determine which rate will result in the lowest outlay.

Research

Begin by doing some research into car loan interest rates. These can be obtained from a variety of different sources, so make sure that you don't overlook any. In addition to car dealerships, check with your bank to determine whether they can offer competitive car loan interest rates. Different dealerships will have a variety of used car loan rates, so don't assume that they will all be the same.    

Compare

If necessary, get written confirmation of the various rates to make them easier to compare. Rates will change sporadically so you must ensure that the examples you obtain are correct as of the same specific date. Many contracts will outline a rate figure on both a monthly and an annual basis, so double check to make sure that you're looking at the correct number. You should also determine whether the rate is for a limited period and whether it's likely to change.

Terms

The current car loan rates that you are entitled to will vary with your circumstances, with different providers offering different rates. Contract terms vary so you should check them to ensure they are properly comparable, for example, the length of time it will take to pay off the loan. In addition to the cost of each installment, you should consider the entire amount that you will need to repay.