Everyone is looking for a lowest rate car loan and regardless of your credit, you can find the cheapest car loans online. There are many things that determine the rate and terms you will be given by the lender, but your credit score and the way you have paid your bills in the past is one of the biggest factors. In addition, lenders are also looking at the type of vehicle you are purchasing and the down payment you are providing. If you are researching car refinancing, a lender will want to know how long you have been in your existing loan, what the balance is along with credit information. Each of these carry slightly different weights determining your final loan terms.

Here is a breakdown of how a credit reporting company breaks down the different credit categories of consumers:  Super Prime (740+ credit scores), Prime (680-739 credit scores), Non Prime (620-679 credit scores), Sub Prime (550-619 credit scores) and Deep Sub Prime (<550 credit scores).

Your credit category may determine how easy it is for you to get a car loan. If you fall into the lower tiers, you may have a hard time finding a car loan. In many cases even if you fall into those tiers, you can do some research online and find a lender willing to give you a car loan. Regardless of which credit tier you fall into, there are options available for car financing, whether you are looking to purchase a new or used car or truck or refinance an existing higher rate car loan. There are lenders online that can help regardless of your situation.

The web opens up numerous options for consumers will all types of credit. There are many benefits to going online and getting your car loan regardless of your credit category. Some benefits include data security, the ease of applying, more power to negotiate with the dealer since if you get your car loan before heading to the dealership; you are viewed as a cash buyer.

You need to explore the internet as an option for the lowest rate car loan. Most online lenders offer finance products for the purchase of a vehicle from a dealer, products allowing you to refinance your existing loan and some even give you the option to finance a vehicle you purchase from another individual. Regardless, getting the cheapest car loan online will save you time and money.