land rover financing 

Can you lower interest rates on a car loan? How can I lower my car loan interest rate? There are a number of strategies to getting a lower interest rate on auto loans, and Land Rover of Naperville has laid them out in a handy guide. Learn more below, and if you have any questions about auto loans near Aurora, the experts at our finance department can go over all your options.

Tips for Lowering Your Car Loan Interest Rate

  1. Start by checking your credit score. This will help you determine what the average interest rates are for your credit score, and whether you need to improve your score in order to afford your auto loan.
  2. Clean up your credit score. Before applying for a loan or applying to refinance your current loan, you'll want to take steps to improve your credit score. Where you can, pay off current credit card debt or reduce it significantly, make monthly payments on time, and reduce the number of cards you have.
  3. Check for Refinance Loans. Compare rates and payment terms from multiple places and ask your current lender for a lower rate. If denied, let them know you've been offered lower rates elsewhere and ask if they're willing to match or beat the lowest offer.
  4. Enlist a cosigner. Having someone cosign for your loan might get you a lower interest rate on your loan, especially if you have bad credit.
  5. Consider in-house financing. In-house financing means you'll be making payments to the dealership instead of the bank. If you make your monthly payments on time, consistently, then you'll also be able to get a higher credit score.

What is a Good Interest Rate for My Credit Score?

The interest rate you receive depends on your credit score as well as the size of the loan. And while they can be negotiated, on average, drivers can find an interest rate ranging from 3.2% to 12.9%. Based off of credit scores, here are estimated interest rates:

  • 800 - 740 Credit Score -- 3.2% average interest rate
  • 739 - 680 Credit Score -- 4.5% average interest rate
  • 680 Credit Score and Below -- 6.5% - 12.9% average interest rate

Turn to Land Rover of Naperville for Your Auto Loan

If you have any more questions about auto loans in Downers Grove, Bolingbrook, or beyond, contact us at Land Rover of Naperville. Now that you know more about auto loan interest rates and you're ready to take home a new Land Rover, you can save even more by checking out our current Land Rover new vehicle specials today!