New vs. Used Cars: Loans for new cars usually have lower interest rates compared to loans for used cars. This is because new cars are considered less risky as collateral.
Down Payment: A larger down payment can sometimes help you secure a better rate because it reduces the lender’s risk.
Lender: Different lenders offer different rates. Banks, credit unions, and online lenders all have their own rate structures. It’s important to shop around and compare offers.
Read: How To Maximize Business Growth With Secured Business Loans
As of now, some of the best auto loan rates available are:
