How to Get a Low Interest Rate on a Car

Jackson drivers wondering how to lower the interest rate on a car loan can rest easy knowing that Wilson KIA can help drivers learn how to get a low-interest rate on a car. The experts in our finance department are here to help with auto financing and car buying tips. Shop for your new Kia and trust our experts to help get the loan you need.

How to Lower the APR on a Car Loan

1. Be aware of your credit score. Be aware of what your credit score is and if there are any points that need to be corrected before you apply for a car loan.
2. Clean up your score. Check your credit score for any errors and fix whatever problems you can as it can help lower a car loan interest rate.
3. Consider Refinance Loans. Be aware of the range of interest rates that are typically for your credit score and loan amount. One way to lower the interest rate on a car loan is to compare rates and payments terms from different sources to know all your options. Be sure to ask your current lender for a lower APR on your car loan. If you are denied a loan, inform them of your other offers and see if they will match or beat the lowest offer.
4. Enlist a cosigner. If you have a family member or significant other willing to cosign, especially if you have bad credit, you might get a lower interest rate on your car loan.
5. Consider in-house financing. With in-house financing, payments are made to the dealership instead of the bank. Be sure to consistently make monthly payments on time as that can build your credit score and create a history of timeliness for future loans. That’s how to lower the interest rate on a car loan.

How to Get a Low-Interest Rate on a Car with Your Credit Rating

When wondering how to lower the interest rate on your car loan, it helps to understand the importance of the credit score. Your credit score is important for determining the interest rate as well as the size of the loan you receive. While rates can be negotiated on an individual basis, on average, Flowood drivers can expect an interest rate ranging from 3.2% to 12.9%. Here are the estimated rates based on the average credit scores:

• 800 – 740: 3.2% interest rate (on average)
• 739 – 680: 4.5% interest rate (on average)
• 680 and below: 6.5% – 12.9% interest rate (on average)

Find Out How to Get a Low-Interest Rate on a Car at Wilson KIA!

Now that you’ve learned more about how to lower the APR on a car loan, see how our finance center can help you with more car buying tips! There are a lot of options for Ridgeland drivers to consider when looking for their next vehicle, such as the benefits of buying a used car, buying vs. leasing, and how to finance if you have no credit. At Wilson KIA, we’re here to help with financing options and get you back on the roads of Jackson with a lower interest rate on a car loan.