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If you're shopping for a new vehicle, you may wonder, "how can I lower my car loan interest rate?" Here at Audi Stratham, our team can provide support and guidance through each phase of your car buying journey, especially when you're curious about getting a lower interest rate on auto loans. We're your local source for all things automotive, so you no longer have to ask, "can you lower interest rates on a car loan?" Our finance team is here to help you learn how to get a lower interest rate on a car loan below!

How Can I Lower My Car Loan Interest Rate?

If you're ready to upgrade your commute from Nashua to Manchester, you may wonder, "can you lower the interest rate on a car loan?" Follow these steps to learn how to get a lower interest rate on a car loan: 

  1. Check your credit score: Understanding where your credit score currently sits is a good way to be prepared for negotiations. 
  2. Clean up your score: You can quickly set up payment plans, dispute errors, and more to get your credit score in order. 
  3. Shop Around: Study the average interest rates for similar shoppers, and get to know the local market around Concord. You can also compare rates and terms from a variety of lenders to get a competitive offer. 
  4. Enlist a cosigner: If you have someone in your life that's supporting you as you boost your credit score, they may be able to cosign your loan. This will help lower your interest rate, especially if you have bad credit. 
  5. Consider in-house financing: If you get your loan through the dealership, you may be able to set up more flexible terms. Banks have different standards for lending, so they are often more rigid and less understanding. 

What is a Good Interest Rate?

Getting a lower interest rate on car loans is largely dependent on your credit score and the size of the loan. While the details of every loan can be negotiated, generally, Portsmouth drivers see interest rates ranging from 3.5% to 12.9%. Explore the average interest rate based on credit score here:

  • 800 - 740: 3.2% interest rate (on average)
  • 739 - 680: 4.5% interest rate (on average)
  • 680 and below: 6.5% - 12.9% (on average)

Finance Your Vehicle with Audi Stratham

If you have any lingering questions about getting a lower interest rate on auto loans, Audi Stratham is here to help. We can go over questions like, "can you lower the interest rate on a car loan?" and more with you personally when you contact us. Our expert team is here to provide the knowledge and insight you need on your shopping journey.