Question by admcalvin:
How to get a low interest rate on a new automobile loan?
I am 19, I have no credit. Never had any loans or credit cards. What is the ideal way to get a automobile loan with a low interest rate. Currently I have been approved for a rate of 7.25% is there any lower? Please help. Thank You


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Answer by Jim J
7.25% is very good in your situation. You can try a credit union.

Answer by mccoyblues
The only way to get a superior rate is to try and qualify for manufacturer backed Zero percent or low interest rates on a new car. But in your situation that 7.25% is a darn good rate for a first time buyer.

You might also try a local Credit Union. They offer low interest loans to their customers.

Do the math, a 1% change in the interest rate of a $ 15,000 loan over 5 years will only change your payment by $ 7.00 as month. That is less than 1 massive coke a week.

Answer by johnderver28
Seems to me if you can get a loan from a family member with a 0% interest. That would be great other than that you have a very good interest rate now.

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