Compare Auto Refinance Rates

Comparing auto loan rates before you purchase can save you thousands of dollars over the term of your loan. Dealerships make a profit from marking up your loan's interest rate, so it's best to check and become knowledgeable of the rates local banks and vehicle manufacturers offer. Learn where to compare interest rates and which factors to consider so you can make the most financially rewarding decision.

Instructions

1

Use an auto loan calculator to determine how long of a term you'll need. The term of your loan affects your interest rate---generally, the longer the loan, the higher the rate. The Edmunds website offers an auto loan calculator (see Resources) to help you determine how long your term should be based on your budget.

2

Go to the manufacturer's website to view current incentives for new cars. Often these low rates cannot be beat by traditional lenders. While traditional lenders use a tier system for rates, meaning you may get a slightly or much higher rate than the one you see offered, a manufacturer's incentive is more lenient, and does not offer a tier scale for approvals, meaning you are either approved or you are not.

3

Click on "locate a dealer" from the manufacturer's website, or input your ZIP code in the space provided. Visit local dealer websites to find if any special rates are being offered for used cars, which the dealer may advertise apart from the manufacturer.

4

Go to the websites of banks in your area, both nationally based lenders and credit unions. Check the rates offered by different lenders.