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GETTING THE BEST INTEREST RATE FOR YOUR NEW CAR LOAN
The information provided below will help you obtain the lowest rate possible for a new auto loan when utilizing financing offered by a dealership. Be aware that Star Loan Services can likely help you obtain approval for a new car loan with low rates even if you have bad credit.

Make sure your credit report is accurate!
When dealerships assist with financing, the first thing they will do is send your credit information to several different lenders and banks. It is always a good idea to get a copy of your credit before applying for a car loan. A fast check of your credit can disclose impacting mistakes in your credit report. If there are errors listed in your credit file, you will need to dispute them to have them removed. If there are negative marks, there are things you can do to improve your credit score.

Learn more about credit reports.

Be careful! Dealers will mark up the auto loan rate!
Once approval is obtained, the institute providing financing will send the dealer the 'buy rate' for your loan. The 'buy rate' is the interest rate the bank is willing to finance you at. Because car dealers send millions of dollars in financing to the banks every year, the banks in turn offer very low rates to the dealers. As a result of the low rates, it is very common and easy for dealers to mark up the rate to cover fees associated with finalizing your car purchase contract, i.e. writing up and processing all paperwork involved. 

How do you know you are getting a good deal for your car loan?
The best thing you can do is research before you buy. Check out the most current auto loan rates we offer. As mentioned, it is likely that we can help you obtain lower rates for your finance request than if you were to obtain your loan directly from a dealer.

A good idea would be to use the auto loan calculator and compute what you can expect to pay for your loan with different interest rates and various loan terms and down payments.

Applying for a car loan online has become very popular in recent years. It is estimated by NADA, the National Auto Dealers Association, that over 2 million car loan applications are filled out over the internet every month! Star Loan Services offers a convenient service that will help you obtain low rate financing quickly and hassle free. Learn more about the new car loans we offer or apply for a car loan today!


 

 

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