Consumers run into all of kinds of roadblocks when looking to get the best car loan rates. We are seeing historic lows for interest rates; however, it is not easy to get a loan at all anymore. We have lenders not wanting to loan out money like they used to and then those who are still in the lending business have become so stringent in the criteria that no one qualifies anymore. Everyone’s credit situation is different and everyone deserves to get the best car loan rate available. Here are a few tips you need to know regardless of your credit situation that will help you achieve just that:  

Good Pay History: If you are a customer that has a good credit score and always paid your bills on time, you have many options to choose from. Spend the necessary time to research what options are available to you. One of the best ways to do this is using the internet. Most lenders are now online offering car loans and some even publish their rates online. This is a great area to focus on getting the best car loan rates. Choose a lender you trust and apply online. Most online companies offer you the ability to see your loan decision almost immediately.

Bad Pay History: If you are a customer that has less than perfect credit, you still have many options available to you. Online lenders are taking applications from all credit types and a few focuses especially on the borrower who has struggled in the past. The difference being that with a poor credit history, you may be limited to the on the amount of money they can borrow and will be required to put a larger down payment towards their purchase. The internet again is a great place to do research to find the best deal. Regardless of what the lender requires, you have options and with just a few mouse clicks, you can find the right deal for you.

Many online lenders will limit where you can purchase a vehicle. They most likely will require that you purchase a vehicle from a franchised dealer and not a “used car” lot. There are many advantages to this, one being the accessibility to service if you were to have problems with the vehicle. An online car loan application is easy to complete and allows you to see the best car loan rates.