Securing a car loan involves deciding on the loan type, gathering required documentation, and comparing rates from different lenders to find the best fit for your budget. As of , average interest rates sit around 7% for new cars and can reach over 11% for used vehicles , though those with excellent credit may still find rates under 5% . 1. Choose Your Loan Type
What Do I Need to Qualify for a Car Loan? | How to Get an Auto Loan i want a loan to buy a car
: You apply directly to a bank or credit union . This often offers more transparency and potentially lower rates. Securing a car loan involves deciding on the
: The dealership arranges the loan through their partner network. While convenient, these may include dealership markups. gathering required documentation