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9 tips to get a good deal on your first auto loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial decisions by offering you interactive financial calculators and tools as well as publishing objective and original content, by enabling you to conduct your own research and compare information at no cost and help you make financial decisions with confidence. Bankrate has agreements with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are displayed on this site are from companies that compensate us. This compensation could affect how and where products appear on this website, for example such things as the sequence in which they appear within the listing categories and other categories, unless prohibited by law. Our loan products, such as mortgages and home equity and other products that lend money to homeowners. This compensation, however, does have no impact on the information we publish, or the reviews appear on this website. We do not contain the entire universe of businesses or financial offers that may be accessible to you.



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6 min read Published September 30, 2022
Written by Allison Martin Written by

Allison Martin's career started over 10 years ago as a digital media strategist. She's been published in numerous prestigious financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.







Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He values transparent reporting that allows readers to successfully get deals and make most appropriate choices regarding their finances. He specializes in auto and small business loans.









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Preparing to buy a car for the first time is likely one among the toughest experiences out there. With so many things to think about when buying a car to consider, the loan can fall to the side. Don't let it. It isn't easy to find a loan -and the more you can do now and the more efficient your finances will be later. Low interest rates are the only way to an affordable car, regardless of the car you decide to purchase. 1. Be upfront about your budget The biggest concern when buying a car should be the price. Consider how much you'll pay each month and the overall interest paid to . However, you must also take into account the maintenance costs you expect to pay for of the vehicle, fuel and insurance all factor into how much you spend. Experts advise not spending more than 10% of your income on your car. Utilize an estimate tool to calculate the amount of monthly payments and the total amount paid. You can then look up resources such as Edmunds as well as Kelley Blue Book to see the amount you will pay for the vehicles you're interested in purchasing. Key takeaway
Examine your financial situation to ensure that you're not spreading your budget to the limit.


2. Remember that longer terms mean a higher cost The average vehicle is increasing. It's not hard to find an loan that lasts six to seven years but they come with a big disadvantage. A longer loan duration does mean a lower monthly payment -this could be advantageous for those in a tight financial situation- but it results in greater interest being paid in total. Even if you purchase an inexpensive car and you are able to get it, you could soon be , or owe more than the car is worth. For your first auto loan pick the most short-term term you are able to afford each month. This could mean that you need cut back on different areas but it's by far the safest choice to protect yourself from being liable for more on your vehicle than it is worth. Key takeaway
It's likely that you'll save money in interest with a shorter loan duration and reduce the risk of getting upside down on your car loan.


3. Check your score on credit reports and credit scores.. Your credit score is the main element that lenders take into account when determining the interest rate. To get a good rate, you'll need an excellent credit score. Also, you'll require a history of punctual payments. If you've not had the opportunity to improve your credit score or history it will be a difficult to find a great deal. You may have to use this, which can mean an interest rate that is higher. If you're able to put off paying for your car loan attempt to build a history of on-time payments. A low debt-to-income ratio also lets lenders know that you're able to handle your financial situation. Paint a good financial picture so that your lenders can score an attractive deal. Take away
Work on improving your credit score before applying for an interest rate that is competitive in the auto loan.


4. Find with more than one lender Comparing lenders is as important as comparing cars for a great deal. There are a variety of lending options to choose from. include: : If you have very little or no credit history, you could be eligible for a first-time buyer's program through a local credit union. You'll need to become an active member of the credit union to apply for loans So, inquire about the best ways to join before proceeding. Large banks: Customers with an established association with an established institution may be eligible for an auto loan. As a first-time buyer, you may face more expensive rates. Online lenders: Online lenders typically provide less stringent criteria for eligibility than traditional banks. This is a good thing in the event that you don't have a credit history or have a high score, however you should expect a higher rate of interest to mitigate your risk of default by the lender. Marketplace lenders: These online platforms offer a wide range of lenders. The application you submit is shared with the community so that you are able to view possible loan offers with lenders who might be a good match. Capitalist lenders could get financing through or finance company that is part of the auto maker. They usually offer auto loan programs for current students as well as recent graduates of college. Every lender offers different rates and methods to determine who will get the best terms. It is crucial to shop around and make an application with a variety of lenders. This lets you see what you qualify for, how much you could spend and what you will be expected to pay every month. It is a key takeaway
Shopping around can help that you receive the top rate on a car loan.


5. If you're preapproved, shopping around offers additional benefits: It likely ends with a period of up to 30 days. When you ask for preapproval the lender will issue a soft inquiry that won't have an impact on your credit score. It gives you time to visit dealers and automobiles without the stress of needing to secure financing. Getting preapproved gives you the upper hand in negotiations. Dealer financing is usually expensive because dealers increase their rates to earn a profit. If you visit the dealership with a preapproval form that you have signed, you could be capable of negotiating a favorable deal on in-house financing -should that be the way you'd like to take. Some dealers also offer the choice between or low-interest financing. If you've already been able to get unbeatable rates with another lender, your choice is clear: Reward yourself by recouping the cost. The most important thing to remember
Being preapproved can help narrow your list of potential lenders and also reduces the effect of your credit rating.


6. Decide between new, used or lease Lenders offer different rates on auto loans for . Lessors have their own way of calculating the monthly payments -- called the factor rate and it is important to do your research on prior to taking this decision. If you plan on buying, know that new cars typically offer lower rates across spectrum. However, newer cars are also more expensive and be less valuable due to depreciation. Thus, although you might be paying more on used cars however, you could still save cash. The most important thing to remember
New cars typically come with more attractive loan conditions than used vehicles However, the total cost will be greater.


7. Find specials offered by the manufacturer. Many automakers offer first-time buyer programs. Some even offer for college students and recent grads. If you're thinking of purchasing a car for the first time or have the money and credit to back it up, and you are looking for financing in-house is a good idea to see if you can get a little money off. Manufacturers also offer rebates, and special leases for new models. Be on the lookout for these. There will be a limit in what you can buy and the way you afford it. However, if you have a clear idea of what you're looking for and have excellent credit, manufacturers offers can help you save money on your first auto loan. What you should take away from this is
Check with the dealer to find out whether you are eligible to receive financing incentives when buying a new car.


8. Make use of a co-signer or co-borrower If you do not have stellar credit, a could of getting a good deal. The lender will consider the credit score of both parties when deciding if they want to finance your car. A to the vehicle but will be liable for the loan if you cannot pay on time. But, a co-borrower shares ownership of the vehicle and shares the responsibility to your loan together with the borrower. No matter which option you pick the person you choose to borrow from, they must have excellent or good credit and an ongoing source of reliable income that meets the lender's minimum requirements to be approved. What's the most important takeaway
A co-signer or co-borrower can improve your odds of approval and enable you to secure a better deal on the car loan.


9. Make a large down payment Once you know what you can afford to spend, start that's at least 20% of total cost. If you can't afford this amount, you should aim for an amount of at least 10% -or whatever you are able to be able to. Consider using Bankrate's to find an amount that is suitable for you. It's tempting to get a more expensive vehicle, but first-time car buyers -- and every car purchaser need to make a downpayment to reduce the amount they must finance. A bigger down payment can increase the chances of getting a favorable interest rate, lowers your monthly payments and decreases the amount of interest you'll have to pay during the loan's term. What's the most important takeaway
A higher down payment may make you eligible for more favorable loan terms. Additionally, your monthly installment will be lower.


Next steps The most important thing to do to getting a good deal on your first car loan is to be in the game and compare. You can walk away with a competitive rate by comparing lenders, saving up a down payment, and working on the credit rating. Find out more


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Written by

Allison Martin's work started over 10 years ago as a digital media strategist. Since then, she's published in numerous prestigious financial outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.



Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He values the clarity of his reporting, which helps readers successfully land deals and make the best decisions for their financials. He is a specialist in small business and auto loans.











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