I am 19, I have no credit. Never had any loans or credit cards. What is the best way to get a car loan with a low interest rate. Currently I have been approved for a rate of 7.25% is there any lower? Please help. Thank You
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{ 4 comments… read them below or add one }
The only way to get a better rate is to try and qualify for manufacturer backed Zero percent or low interest rates on a new car. But in your situation that 7.25% is a darn good rate for a first time buyer.
You might also try a local Credit Union. They offer low interest loans to their customers.
Do the math, a 1% change in the interest rate of a $15,000 loan over 5 years will only change your payment by $7.00 as month. That’s less than 1 large coke a week.
7.25% is very good in your situation. You can try a credit union.
Seems to me if you can get a loan from a family member with a 0% interest. That would be great other than that you have a very good interest rate now.
THAT IS NOT A BAD RATE FOR YOUR SITUATION AND IF YOU STAY ON TOP OF THE PAYMENTS YOU WILL BE BETTER OFF WHEN YOU BUY YOUR NEXT VEHICLE.
GOOD LUCK