Let’s talk about some ways to lower the interest rate on vehicle loans.

Interest rate is mostly affected by your credit score. And, not all lenders will bite. Yet, it’s well worth trying out.

Option #1: Down payment

If you can offer some down payment you will definitely be a lower risk to the lender. Therefore your interest rate may be lower.

Option #2: Cosigner

Have a friend or family member that trusts you 100%? If you can provide a cosigner on your vehicle loan your application will be considered less risky… And, you may be approved at a better interest rate.

Option #3: Pick a different vehicle

Financing certain vehicles is more risky than financing others. When speaking to your salesman always ask if (s)he can provide better terms on some other vehicles.

That’s it.

When you’re presented with a financing offer - never be afraid to ask what can be down to bring the interest rate down a percent or two.

You may be surprised with the answer.

http://www.ApprovalTeam.ca