CAR LOAN RATES » Auto Loan News

There are a lot of used auto loan financing options out there, which leads potential car buyers to wonder if banks are the best places to get used auto loans. Depending on your personal situation, a bank may be best; however, there may be other suitable ways to get your hands on the used car loan rate you need.

Credit Unions Loans

Many people don't know that some credit unions will give out used car loans. Usually, the requirement for getting the used car loan is becoming a member of the credit union. If you're already a member then you may want to inquire about options. If you don't belong to one, check out credit unions in your area to see what may be available to you. Credit unions typically are able to provide lower auto loan rates than most banks.

Online Car Lenders

One of the more popular ways to secure a low used car loan rate is through an online financial institution. This is because they typically offer lower rates than you'll find anywhere else. It's well known that used car interest rates are higher than newcar loan interest rates. However, if you work with an online institution, the used car loan rate will be much closer to the new car loan rate. Also, you can be approved within minutes and without leaving your home, making it extremely convenient.

Car Dealerships

Possibly one of the least popular ways to get a used car loan is through a car dealership. Used car salesman already have bad reputations for selling "lemons," and now some dealers have developed reputations for passing out unfair loans with high interest rates and hidden fees. While this is true of some dealers, not all are the same. So before turning down this option, see what rates dealers may offer based on your credit - and see if you can take advantage of discounts or rebates while you're at it!

Again, securing a bank loan may or may not be best for you. In order to find out which route you should take, it's good to explore all of your options first. This way, you'll be sure you at least tried for the best auto loan rate possible.

In a day and age where credit reigns supreme, it's not too difficult to get a good used car loan rate. However, you don't want to make the mistakes others have made in the past by simply walking up to the first dealership or bank you run across then ask for a car loan. In this scenario, you are likely to pay entirely too much for your loan when there were greater deals all around you.

So you may be wondering then how you can geta used car loan - and one that works well with your wallet. Here are a few tips to consider...

1. Don't Start and Stop with Dealership Loans

When you're searching for a used car, very often you will stop by a dealership to find the vehicle and financing. While this can make the process easier or more convenient, you may be able find a better deal on a similar car with a private party and also find a better auto loan rate by financing through a bank.

2. Try an Online Bank Rate

If you're looking to get a used car loan, one great way to do so is through an online bank because they often offer cheaper rates than brick-and-mortar banks. First, you visit a website for a bank you like, then follow their directions to apply for their loan (you usually have to provide the car's VIN, your SSN, and a few other personal details). Next, submit your application and you can usually receive an approval or denial within minutes.

If you're approved, you will receive a check from the bank for the amount of the car purchase, then you can take it to the dealership, purchase the vehicle in full, and pay the amount the vehicle costs (plus interest) back to the bank in monthly payments.

3. Don't Shy Away from a Credit Union

If you belong to a credit union, you might want to consider taking out an auto loan with them. Many credit unions offer cheaper rates than traditional banks if they're not federally mandated.

It's good to keep in mind that your credit plays a large role in your being approved for a used car loan. So check out your credit report and score (and make repairs if necessary) to increase your chances of being approved for a loan at a rate you can handle.

***For more information on used car loan financing, please visit with Go Banking Rates daily.***

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