| I have written before that the most important | | | | loan you should expect slightly higher loan |
| thing to consider when applying for an auto | | | | rates than for new cars. |
| loan is the current auto loan rates. These | | | | |
| loan rates are responsible for determining | | | | I've learned that depending on where you |
| how much you are going to end up paying for | | | | apply for your auto loan, you can expect to |
| the car. So the most important thing you have | | | | find lower or higher rates. I won't talk |
| to me in the look-out for is low car loan | | | | about it in-depth but you can anticipate |
| rates. In this article I'm going to talk to | | | | lower auto loan rates from credit unions and |
| you about the current auto loan rates and | | | | higher - but safer - rates from the auto |
| give you some extra tips on the best places | | | | dealers. |
| to look for low loan rates. | | | | |
| | | | Auto Loan Rates Different Locations |
| First off, you should know that there a 4 | | | | |
| main different kinds of auto loan rates: | | | | If you are part of a credit union, you'll be |
| | | | able to opt for larger auto loans with lower |
| • 36 month car loan | | | | auto loan rates. You should check your union |
| | | | and compare the auto rates with your local |
| • 48 month car loan | | | | bank to see which one is better. The other |
| | | | place, auto dealers, can offer you auto loans |
| • 60 month car loan | | | | with a slightly higher loan rate but are much |
| | | | safer. When I say safer I'm saying that the |
| • 72 month car loan | | | | whole loan process faster and approval rates |
| | | | are much higher. |
| Each of them have different loan rates that | | | | |
| fluctuate between 6.5% and 14%, sometimes | | | | But don't worry if you're not a member of a |
| climbing up to the 15% or 16%. The actual | | | | credit union or only find high auto loan |
| rate depends on you location and if you want | | | | rates with your auto dealers. There is |
| a new auto loan or a used car loan, but the | | | | another kind of auto loan you can apply for |
| general rule of thumb is the lower number of | | | | called a home equity auto loan. By placing |
| months for the auto loan, the lower the car | | | | your house as a collateral, you'll be |
| loan rate. Of course if you want a used car | | | | securing your auto loan no matter what. |