The idea of lower auto loan rates for young men is probably unheard of in your book. Young men? How in the world can anything car-related be less expensive for a young, high-speed driving, reckless, whipper-snapper? Well, for good reason, rates will not be lower for young men in relation to other demographics. However, because of certain behavior attributed to the young male group, there may be some reasons that loan rates can drop a little bit lower for younger men.
Men Prefer an Overall Good Car Value
According to a 2002 report from Edmunds, men prefer to buy vehicles that offer a good value for the money. This is in contrast to women who, in the report, consider cars based on them being fun to drive and well made. Because men are looking for a good value – as well as other features such as good fuel economy and comfort – they may actually search more diligently for good auto loan rates. This isn’t to say that women won’t do the same, but men may be more inclined to do so on a regular basis.
Men Receive More Respect at Dealerships
Another reason that young men may receive lower auto loan rates is because, on the whole, men receive more respect at dealerships. This is sad, yet true. Typically, an auto salesperson will feel less comfortable trying to sneak in a higher rate for a vehicle because he feels the young man already has done his homework and knows plenty about cars. As a result, if the young man goes in with a confident attitude, he may be able to negotiate a lower rate. Again, this doesn’t mean that women aren’t capable of doing the same thing. However, the odds of the process flowing smoothly may be in favor of the young man.
When it comes to buying a car, anyone is capable of acquiring a fair rate for their vehicle of choice if they walk in with confidence, know the ins and outs of the vehicle they want, and understand their credit score. So if you’re reading this as a woman, don’t think you can’t get lower auto loan rates. Simply do your homework on buying a car to increase your odds of getting the rate you deserve.
*Do you feel like women get less respect at the dealership when negotiating rates? Post your experiences in the comments section.*