How to Get the Best Rates on a Motorcycle Loan Typically, when you take out a motorcycle loan, the collateral is the motorcycle itself. That means the lender retains the title to the motorcycle. If you don’t make the payments or fail to comply with the other terms of the loan (such as maintaining insurance […]
Find an Auto Loan
Want the best auto loan rates? It's usually a good idea to get pre-approved by your lender. Typical rates are as follows: New Cars - 4.74% , Used Cars - 4.74% and refinancing generally falls within 2.99%. These are the rates as of May 5th, 2019. Rates can change from time to time, depending on the loan marketplace. Most dealerships have their own preferred financing partners, but they aren't your only option by any means. It's best to shop around for auto loan rates outside of the dealership. If you finance through a dealership, online, credit union, bank or other, the pre-approval application is typically very easy. To get pre-approved and see actual auto loan rates, you'll need: proof of income, proof of assets, employment verification, driver's license and social security number. It's much easier for lenders to give you a guaranteed rate based when they know your financial status.
Interested in buying a new car? Wondering if now is a good time, or curious to learn more about how the COVID-19 coronavirus outbreak is affecting auto loans and car dealers? Let’s take a look now.
Will bad credit auto loans drive us into the next recession?
If the thought of buying a car makes you cringe, you will be happy to know that the average interest rate for auto loans decreased for the third month in a row in December 2019.
Over the past few years, more and more Americans have been purchasing cars with higher car loan rates. We’re now seeing vehicle financing become much more expensive, as we saw during the housing bubble years back.