How to Get Lower Interest on a Car Loan

Application form for car loan and key on wooden table, close up

If you own a new Lexus or pre-owned car or are looking to buy, you may be wondering how to get a lower interest rate on a car loan. The finance team at Wilde Lexus Sarasota near Lakewood Ranch can help! Below, you’ll learn more about auto financing and more, so you no longer have to ask, “How can I lower my car loan interest rate?” Rely on our team of experts to help you find the car you want with loan terms and rates you can live with. 

Tips for How to Lower Your Car Loan Interest Rate

  1. Check Your Credit Score. First things first — review your credit score. Knowing where you stand can help you make a decision about whether you need to cleanup your report, or if you’re good to move forward with applying for a loan. 
  2. Work on Your Score. If your credit needs work, focusing on raising it before applying can improve your chances of getting approved. 
  3. Check for Refinance Loans. This step requires some research. Look into the range of interest rates that are average for your credit score and loan amount. Get rates and terms from more than one prospective lender, then mention getting a lower rate to your current lender. Make sure you inform them that you’ve been offered better rates from other lenders, and see if they’re willing to match or beat the best rate you’ve received. 
  4. Use a Cosigner: If your credit isn’t great, using a cosigner with a good credit score and steady income can help increase your chances of getting approved. 
  5. Learn More About In-House Financing: What is in-house financing, exactly? In many ways, it’s the same as traditional financing. You’ll still need to be approved by a lender, but you’ll make payments to the dealership rather than a bank. Making payments in full and on time can help improve your credit score as well. 

What’s a Good Interest Rate on a Car Loan? 

The interest rate on your car loan is calculated based on your credit score and the loan amount. Interest rates can be negotiated, but in general, they tend to range from 3.2% to 12.9%. Here’s a quick look at the average interest rates based on credit score: 

  • 800 to 740: 3.2% interest rate (average)
  • 739 to 680: 4.5% interest rate (average)
  • 680 and Below: 6.5% – 12.9% interest rate (average)

Finance a Lexus with Wilde Lexus Sarasota! 

When you buy a Lexus, you’ll unlock an entire world of luxury, comfort, and technology. From choosing the right model for you to getting a lower interest rate on auto loans, our team can help you through every step of the process. Ready to move forward with financing? Apply online or visit us in person near Venice and Bradenton. 

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4883 Clark Rd • Sarasota, FL 34233

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Wilde Lexus Sarasota

4883 Clark Rd Sarasota, FL

Phone: (941) 257-0514

http://maps.google.com/?q=4883%20Clark%20Rd%2C%20Sarasota%2C%20FL%2034

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Phone: (941) 257-4242

4883 Clark Rd Sarasota, FL

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Phone: (941) 257-0514

4883 Clark Rd Sarasota, FL

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Phone: (941) 257-4060

4883 Clark Rd Sarasota, FL
27.2700033 -82.4713544
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Wilde Lexus Sarasota
Wilde Lexus Sarasota
4883 Clark Rd
Sarasota, FL, 34233 United States
(941) 257-0514
https://di-uploads-development.s3.amazonaws.com/wildelexussarasota/uploads/2017/08/WildeLexusSarasotaOGImage.jpg
Wilde Lexus Sarasota 27.2700033, -82.4713544.