Following are some tips and how you can get the best interest rate on a car loan. Getting a deal on a car is only part of the equation, the other part is to get the best interest on your car loan. How to get the best interest rate on a car loan? The best interest rates are given to the ones with good credit scores. Interest may be high - the interest rate could be high, especially for borrowers with a low to medium credit score.Therefore, they would either reject your application or charge a higher interest rate if you don't have a down payment. Lenders are taking more risks when a borrower doesn't put a down payment. Down payment - you may need a sizable down payment.You may lose the car - if you failed to make payments or default on the car loan, the lender will take away your car.If the interest rate is high, then you may end up paying thousands in interest payments. You need to repay the loan plus interest. Interest payments - the bank or lender doesn't give you the money for free. ![]() Missing payments could ruin your credit score and the car. Depending on the term, you may have to make payments for 3 to 5 years.
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