Every consumer is looking for how to get a low rate car loan. We are all looking for ways everyday that we can save here and save there putting more money in our pocket each and every day. The good news is there are lenders online that want to give you the lowest car loan possible. In most cases, finding and applying with an online lender will save you both time and money on your next car purchase or refinance. The internet makes it easier for anyone to get a car loan today even if your credit is less than perfect. If you are one of the many consumers that have bad credit, here are a few things to consider:

While getting a car loan with bad credit is possible, it will generally mean paying a higher interest rate and sometimes requiring you to put more money down. One way to bring that interest rate down is to have a co-signer; someone you know who is willing to assume the payments for you if you default. Not every lender allows for this so be sure to check. Co-signers typically only include a spouse. No lenders allows for a friend or distant relative to co-sign. Other items that can determine the interest rate on a low rate car loan is the amount you are wanting to borrow relative to the value of the collateral, the length of time you finance the loan (48 – 72 months), your personal credit rating, gross monthly income to debt ratio, and market trends.

Make sure when you apply for any type of loan that you are serious and ready to purchase. Do not just fill out an application to just see if you can get approved. This effects your credit score and could hinder you from getting a loan in the future. Be aware that new cars have the most depreciation when you drive them off the lot. Keep that in mind when considering whether you want to purchase a new or used model. Finding a low rate car loan is easy if you go online, do the research and are patient.