. If possible, take steps to improve your credit score before applying for a car loan
So how can you get the best possible interest rate for you
The average interest rate on a car loan depends on the length of the loan, your credit score and the financial institution
What is the average interest rate on a car loan?
On a three-year loan, for example, the average rate is between 3% and 4.5%
best way to determine the average interest rate on a car loan is to get pre-approved at multiple locations
How can you get the best interest rate
Negotiate: Knowing what a good car loan rate is gives you the power to negotiate with your financial institution
If you are offered a higher interest rate than you expected, be prepared to negotiate
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