Get pre-approvals from several lenders, and compare them to find the best offer for you. The car itself shouldn't be the only thing you're shopping for: Shop for your car loan. Making a down payment on your vehicle purchase will influence your car's loan-to-value ratio, calculated by dividing the amount you owe on the loan by the car's value after depreciation. Some cars have better resale values than others, and that will play a part.

The make, model, and year of the car you're buying.Longer loan terms often have higher interest rates, since they're considered higher risk. The exact rate depends on credit scores, but used car financing is on average between 1.37 to 6.23 percentage points more expensive than new car financing, according to Experian data. Thanks to manufacturer incentives and higher resale value, new car purchases are less expensive to finance than used cars. Whether you're buying a new or used car.Auto loans are one borrowing situation where it can make a big difference - according to Experian data from the first quarter of 2022, the average borrower with a credit score below 500 will pay 12.42 percentage points more than a buyer with a credit score above 780 for a new car. Your credit score and history.В The better your credit score, the less interest you'll pay.Your auto loan's interest rate will be determined by several factors: What factors influence auto loan interest rates?

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