Where to Find the Best New York Auto Loan Rates
When it’s time to buy a car, most people need a loan to help cover the cost of a vehicle. An auto loan is a great way to take a big expense like a new car and spread it out over a long period of time. This allows you to contribute smaller monthly payments toward the total, along with interest, and fit the purchase into your budget more easily. However, borrowing money to buy a car is only beneficial if you find the lowest auto loan rates.
Paying a high interest rate on your auto loan will result in spending much more on your vehicle than it’s worth. That’s why you should take the time to find the best interest rates before you commit to any financing deal. So where should you be looking for the best car financing rates? Below are few places you can start.
Car Loans at Local Banks
A great place to start your search for the lowest car loan rates is a local bank near you. Not only is it convenient to bank with a financial institution that’s close by, but smaller community banks have a reputation for providing better interest rates on loans that larger national banks.
If you already bank with a local institution, even better. Banks are more willing to offer better interest rates to existing customers because you’ve established trust. See if you can use your relationship with your bank to your advantage when trying to get the best rates.
Credit Union Auto Loans in
Like local banks, credit unions also make providing low rates a priority because they are focused on improving the financial well-being of the communities they serve. However, to obtain a loan from a credit union, you must be a member.
All credit unions have different membership requirements, but if you don’t already belong to one, it may be worth investigating whether there’s a CU nearby that you qualify to join.
It’s also possible to get a low car loan rate from a dealership in . While dealerships are notorious for charging higher-than-average interest rates, they often have special financing deals and promotions like 0% interest or cash back. Keep in mind, however, that these deals are often reserved for borrowers who meet the highest credit standards. If your credit is in great shape, a car dealership could be the best place to buy and finance your new vehicle.
Remember that the key to making your auto loan as affordable as possible is researching a wide variety of lenders and loan options. If you put in the time to find the lowest loan rates in , you’re sure to get a great deal.