how to lower apr on auto loan

Best answer

Apply for refinancing

People also ask

  • Can I get a lower APR on a new car?

  • Not only are you saving money on your new car using all our consumer advocate advice here and also potentially getting a lower new car loan APR. You are also saving more money on your existing loans by stopping your higher interest rate in its tracks.

  • How is the APR on a car loan decided?

  • The APR on your car loan is decided by taking into account several factors like: Credit score: Typically, a score above 660 is considered good. Lower scores will result in higher APRs 鈥?some as high as 20-30%.

  • How can I lower my car payment by refinancing?

  • Option 2: Refinance to lower your car payment by extending your term. For car loan terms, a shorter loan term means less interest paid over the life of a loan. However, lengthening your loan term can reduce your car payment every month, sometimes significantly.

  • How much can you reduce your car loan interest rate?

  • On average, you can reduce your interest rate by 2.4%. The interest rate you are paying, expressed as the Annual Percentage Rate or APR, is another way of describing how much a loan costs you. Why don鈥檛 more of us look into refinancing our car loans? The answer is hiding in plain sight. Most of us do not know that we can refinance our car loans .

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