{"id":37190,"date":"2022-03-17T11:01:37","date_gmt":"2022-03-17T11:01:37","guid":{"rendered":" https:\/\/dev.way.com\/blog\/?p=37190"},"modified":"2022-04-25T08:00:43","modified_gmt":"2022-04-25T08:00:43","slug":"how-can-i-lower-my-car-interest-rate","status":"publish","type":"post","link":"https:\/\/dev.way.com\/journal\/how-can-i-lower-my-car-interest-rate\/","title":{"rendered":"How Can I Lower My Car Loan Interest Rate?"},"content":{"rendered":"<div style=\"text-align: center;\">\n<p><i><span data-contrast=\"auto\">Shopping for an auto loan or for <\/span><\/i><a href=\"https:\/\/www.way.com\/auto-refinance\"><i><span data-contrast=\"none\">auto refinancing<\/span><\/i><\/a><i><span data-contrast=\"auto\">? You&#8217;ll need a low car loan interest rate for the best results &#8211; here&#8217;s how to find it!<\/span><\/i><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-contrast=\"auto\">One of the most important things that determine how much money you pay on your car loan is the<\/span><b><span data-contrast=\"auto\"> interest rate<\/span><\/b><span data-contrast=\"auto\"> or <\/span><b><span data-contrast=\"auto\"><a href=\" https:\/\/dev.way.com\/blog\/what-is-apr-on-a-car-loan-and-how-is-it-calculated\/\" target=\"_blank\" rel=\"noopener\">APR<\/a>.<\/span><\/b><span data-contrast=\"auto\"> There are a lot of complex calculations that go into finalizing every individual&#8217;s interest rate. However, that does not mean you cannot influence it and ensure you get a low APR &#8211; because who wants to lose money on high car payments, right?<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<\/div>\n<div><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/media.giphy.com\/media\/4PHK0XUNIW1S1jAK5T\/giphy.gif\" \/><\/div>\n<p style=\"text-align: justify;\">All you need is to do a few things right &#8211; the best APR for you is hidden in plain sight! In this post, we&#8217;ll break down everything you can do to improve your financial awareness and lower your car loan APR.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #e71346;color:#e71346\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #e71346;color:#e71346\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/dev.way.com\/journal\/how-can-i-lower-my-car-interest-rate\/#What_Does_APR_Mean\" >What Does APR Mean?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/dev.way.com\/journal\/how-can-i-lower-my-car-interest-rate\/#How_Is_My_APR_Decided\" >How Is My APR Decided?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/dev.way.com\/journal\/how-can-i-lower-my-car-interest-rate\/#What_APR_Is_Too_High_for_a_Car\" >What APR Is Too High for a Car?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/dev.way.com\/journal\/how-can-i-lower-my-car-interest-rate\/#How_to_Lower_Your_Car_Loan_Interest_Rate\" >How to Lower Your Car Loan Interest Rate<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/dev.way.com\/journal\/how-can-i-lower-my-car-interest-rate\/#How_Can_I_Lower_My_Car_Loan_Interest_Rate_with_Waycom\" >How Can I Lower My Car Loan Interest Rate with Way.com?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/dev.way.com\/journal\/how-can-i-lower-my-car-interest-rate\/#Can_I_Lower_My_Current_Car_Interest_Rate_without_Refinancing\" >Can I Lower My Current Car Interest Rate without Refinancing?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/dev.way.com\/journal\/how-can-i-lower-my-car-interest-rate\/#Should_I_Pay_Off_My_Car_Loan_Early\" >Should I Pay Off My Car Loan Early?<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Does_APR_Mean\"><\/span>What Does APR Mean?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The\u00a0<strong>Annual Percentage Rate (APR)<\/strong>\u00a0or\u00a0<strong>Car Loan Interest Rate<\/strong>\u00a0is the cost of borrowing a certain amount of money from a lender to purchase a vehicle<strong>, including fees and interest charges<\/strong>.<\/p>\n<p>When you approach a lender for a car loan, the actual amount you need is called the\u00a0<strong>Principal.<\/strong>\u00a0In return for loaning you the money, you need to pay the lender a certain interest charge on the principal every month. The amount of interest is based on the APR, which is a\u00a0<strong>more accurate reflection<\/strong>\u00a0of your monthly payments.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_Is_My_APR_Decided\"><\/span>How Is My APR Decided?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0The APR on your car loan is decided by taking into account several factors like:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Credit score:<\/strong> Typically, a score above 660 is considered good. Lower scores will result in higher APRs &#8211; some as high as 20-30%.<\/li>\n<li><strong>Payment history:<\/strong> If you have a history of erratic payments and financial irregularities, lenders may consider you a risk, and APRs could increase.<\/li>\n<li><strong>Loan Amount<\/strong>: You may not be loaning the entire cost price of the vehicle. Making a downpayment on the loan or trading in your old vehicle can reduce the amount you may need to borrow.<\/li>\n<li><strong>Loan-to-value ratio:<\/strong> It is the amount of the loan you&#8217;re hoping to borrow divided by the value of the car.<\/li>\n<li><strong>Loan term:<\/strong> You could choose a longer loan term to bring down the APR, but you may pay more in interest charges.<\/li>\n<li><strong>Other fees:<\/strong> The cost of origination fees and processing fees are included in the APR.<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">You can also easily check what car loan interest rate will give you affordable monthly payments by using an online auto loan interest rate calculator.<\/p>\n<p><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/02\/REFINANCE-BANNER.png\" alt=\"Lower your car loan interest rates with Way.com\" width=\"730\" height=\"272\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_APR_Is_Too_High_for_a_Car\"><\/span>What APR Is Too High for a Car?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335551550&quot;:1,&quot;335551620&quot;:1,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">The interest rate you pay on your refinance car loan depends on your credit score, payment history, and many other factors. Nevertheless, there&#8217;s are an <a href=\"https:\/\/cars.usnews.com\/cars-trucks\/average-auto-loan-interest-rates\" target=\"_blank\" rel=\"noopener\">average APR<\/a> that is optimal for each credit score &#8211; check them out in the table below. <\/span><\/p>\n<div class=\"article-table\">\n<div class=\"\">\n<div class=\"article-table\">\n<table data-tablestyle=\"MsoTableGrid\" data-tablelook=\"1696\" aria-rowcount=\"6\">\n<tbody>\n<tr aria-rowindex=\"1\">\n<td data-celllook=\"0\"><b><span data-contrast=\"auto\">Credit Score<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><b><span data-contrast=\"auto\">New Car Loan APR<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><b><span data-contrast=\"auto\">Used Car Loan APR<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><b><span data-contrast=\"auto\">Refinance Car Loan APR<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"2\">\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 750 or higher\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a06.33%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 6.58%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 3.38%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"3\">\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 700-749\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a010.64%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 10.89%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 4.32%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"4\">\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0600-699\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a014.27%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 14.52%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 6.74%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"5\">\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 451-599\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a017.52%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a017.77%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a09.39%\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"6\">\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 450 or lower\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 Not Applicable (N\/A)\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 \u00a0N\/A\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<td data-celllook=\"0\"><span data-contrast=\"auto\">\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 N\/A\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:259}\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span data-contrast=\"auto\">*As of February 2022<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Lower_Your_Car_Loan_Interest_Rate\"><\/span>How to Lower Your Car Loan Interest Rate<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"text-align: justify;\"><span class=\"TextRun SCXW224804463 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW224804463 BCX0\">Who doesn\u2019t want to save on monthly payments by snagging a low APR?\u00a0Follow these guidelines before and during the loan or refinance process to get the lowest APR possible for you.<\/span><\/span><span class=\"EOP SCXW224804463 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/p>\n<h3 class=\"ewa-rteLine\"><strong>1. Maintain a good credit score<\/strong><\/h3>\n<div style=\"text-align: justify;\"><span class=\"TextRun SCXW230585325 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW230585325 BCX0\">Keep track of your credit score <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW230585325 BCX0\">regularly<\/span><span class=\"NormalTextRun SCXW230585325 BCX0\"> and clear any outstanding dues you may have. If you have plans to take out a loan soon, ensure you have a consistent <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW230585325 BCX0\">payment<\/span><span class=\"NormalTextRun SCXW230585325 BCX0\"> history for at least 6 months. This will help you increase your credit score by a few points, <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW230585325 BCX0\">reducing<\/span><span class=\"NormalTextRun SCXW230585325 BCX0\"> your APR to a more <\/span><span class=\"NormalTextRun SpellingErrorV2 SCXW230585325 BCX0\">favorable<\/span><span class=\"NormalTextRun SCXW230585325 BCX0\"> one. Most credit bureaus offer a free credit report once every year.<\/span><\/span><span class=\"EOP SCXW230585325 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/div>\n<div>\n<div>\n<h3><strong>2. Apply for Auto refinancing<\/strong><\/h3>\n<\/div>\n<\/div>\n<div style=\"text-align: justify;\"><span class=\"TextRun SCXW139962493 BCX0\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW139962493 BCX0\">If you\u2019ve already taken out an auto loan and want to reduce the existing APR, you can refinance the loan to a lower APR, a longer term, or both. Having a good credit score will help you get an APR a few points lower, saving you a few hundred dollars a year.\u00a0<\/span><\/span><\/div>\n<div>\n<div><\/div>\n<div>\n<h3 class=\"ewa-rteLine\"><strong>3. <a href=\" https:\/\/dev.way.com\/blog\/top-auto-refinance-lenders-you-should-look-into\/\" target=\"_blank\" rel=\"noopener\">Shop around and Compare Auto refinance rates<\/a><\/strong><\/h3>\n<div style=\"text-align: justify;\"><span data-contrast=\"auto\">The best way to<a href=\"https:\/\/www.way.com\/auto-refinance\/car-loans\/rates\" target=\"_blank\" rel=\"noopener\"> find low rates<\/a> and flexible lenders is to use online auto loan and refinance aggregators like Way.com. They help you compare different APRs, their term lengths, and conditions. You can even first use an online auto loan refinance calculator to <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">check how much you can save before shopping around for the real thing!<\/span><span data-contrast=\"none\">\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}\">\u00a0<\/span><\/div>\n<\/div>\n<\/div>\n<h3 class=\"ewa-rteLine\"><strong>4. Apply with a co-borrower or add a co-signer<\/strong><\/h3>\n<div style=\"text-align: justify;\"><span class=\"TextRun BCX0 SCXW74101545\" lang=\"EN-GB\" xml:lang=\"EN-GB\" data-contrast=\"none\"><span class=\"NormalTextRun BCX0 SCXW74101545\">If your credit score is not good enough to merit a low APR, you can always strengthen your application by having a creditworthy co-borrower. Since the risk is spread between you and the co-borrower, lenders will be more inclined to give you lower APRs. The co-borrower will be responsible for making any missed payments or paying back the loan if you fail to do so.\u00a0<\/span><\/span><\/div>\n<div><\/div>\n<div><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-37198\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/03\/Lower-Aprs-for-car-refi.jpeg\" alt=\"Lower your car loan interest rate with Way.com\" width=\"687\" height=\"458\" srcset=\"http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/03\/Lower-Aprs-for-car-refi.jpeg 1125w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/03\/Lower-Aprs-for-car-refi-300x200.jpeg 300w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/03\/Lower-Aprs-for-car-refi-1024x683.jpeg 1024w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/03\/Lower-Aprs-for-car-refi-768x512.jpeg 768w, http:\/\/wordwblog02.way.com\/wp-content\/uploads\/2022\/03\/Lower-Aprs-for-car-refi-600x400.jpeg 600w\" sizes=\"auto, (max-width: 687px) 100vw, 687px\" \/><\/div>\n<div><\/div>\n<div class=\"ewa-rteLine\">\n<h3 class=\"ewa-rteLine\"><strong>5. Negotiate the APR with the lender<\/strong><\/h3>\n<div style=\"text-align: justify;\">If you feel that you haven&#8217;t been offered a fair rate, you can try and negotiate the APR with the lender. Some lenders do entertain negotiations from customers, but mostly from those with moderate-to-excellent credit. If you have poor credit, this may not be that useful.<\/div>\n<h3><strong>6. Think about shorter loan terms<\/strong><\/h3>\n<\/div>\n<div style=\"text-align: justify;\">If you&#8217;re very concerned about high car loan interest rates, you can try choosing a shorter loan term (ideally between 24-36 months). However, if you&#8217;re choosing this option, be prepared to pay a higher monthly payment.<\/div>\n<h2 class=\"ewa-rteLine\"><span class=\"ez-toc-section\" id=\"How_Can_I_Lower_My_Car_Loan_Interest_Rate_with_Waycom\"><\/span><strong>How Can I Lower My Car Loan Interest Rate with Way.com?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Aren&#8217;t you just tired of hopping from place to place searching for the best loans and rates? If you&#8217;d rather just go online and shop around for the best auto refinance loans in a few clicks, Way.com can help you do that. We&#8217;re working to make car ownership affordable to millions of Americans through our bundled car services like parking, auto insurance, car wash, refinance, and more.<\/p>\n<p>Simply head over to the <a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\">Way.com Refinance<\/a> section and use the auto loan calculator to find out how much you can save. Then, compare offers from several of our partners and choose the refinance offer that most appeals to you.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Can_I_Lower_My_Current_Car_Interest_Rate_without_Refinancing\"><\/span>Can I Lower My Current Car Interest Rate without Refinancing?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Unfortunately, there is no easy way to lower your current car loan APR without refinancing. The only other way you can do so is by either <strong>renegotiating your loan<\/strong>\u00a0or\u00a0<strong>paying off your loan<\/strong>. Both of these options have very low chances of success because it depends on the outlook of the lender.<\/p>\n<p>Renegotiating a car loan with the dealer might be hard because he might already have sold it to another financial investor. Paying off your loan is also a very expensive scenario if you don\u2019t have the required amount ready with you.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Should_I_Pay_Off_My_Car_Loan_Early\"><\/span>Should I Pay Off My Car Loan Early?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It&#8217;s possible to pay off your loan early, and we&#8217;d highly recommend you do so if you can afford it. However, check with your refinance lender if there are any additional charges or pre-payment penalties for clearing the loan early.<\/p>\n<p><a href=\"https:\/\/www.way.com\/auto-refinance\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/blog.way.com\/wp-content\/uploads\/2022\/02\/REFINANCE-BANNER.png\" alt=\"Refinance and get low car loan interest rates with Way.com\" width=\"730\" height=\"272\" \/><\/a><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><em>Read more blogs for info on finding\u00a0<\/em><a href=\" https:\/\/dev.way.com\/blog\/category\/parking\/airport-parking\/\"><em>top-rated airport parking<\/em><\/a><em>, the best\u00a0<\/em><a href=\" https:\/\/dev.way.com\/blog\/category\/parking\/city-parking\/\"><em>parking spots in your city<\/em><\/a><em>, and affordable\u00a0<\/em><a href=\" https:\/\/dev.way.com\/blog\/category\/car-wash\/\"><em>car washes near you<\/em><\/a><em>.<\/em><\/p>\n<hr \/>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shopping for an auto loan or for auto refinancing? You&#8217;ll need a low car loan interest rate for the best results &#8211; here&#8217;s how to find it!\u00a0 One of the most important things that determine how much money you pay on your car loan is the interest rate or APR. There are a lot of&hellip; <a class=\"more-link\" href=\"https:\/\/dev.way.com\/journal\/how-can-i-lower-my-car-interest-rate\/\">Continue reading <span class=\"screen-reader-text\">How Can I Lower My Car Loan Interest Rate?<\/span><\/a><\/p>\n","protected":false},"author":46,"featured_media":37197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1962,1855],"tags":[5487,5488,5489],"class_list":["post-37190","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-auto-refinance","category-finance","tag-car-loan-apr","tag-what-is-apr-on-a-car","tag-how-does-apr-work-on-a-car-loan","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.3 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How Can I Lower My Car Loan Interest Rate? [6 Important Guidelines]<\/title>\n<meta name=\"description\" content=\"Shopping for an auto loan or for auto refinancing? You&#039;ll need a low car loan interest rate for the best results - here&#039;s how to find it.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Can I Lower My Car Loan Interest Rate?\" \/>\n<meta property=\"og:description\" content=\"Shopping for an auto loan or for auto refinancing? 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