Your Guide to Getting an Affordable Auto Loan Think of picking a car loan like shopping for any other product. You must look at every option that is available in the market and weigh out the pros and cons. There are a variety of financial sources you can reach out to in order to get the best deal possible. Trust us, comparison shopping can help you save a LOT of money. Here’s what you can get the most affordable auto loan possible: Step 1. Explore Special Manufacturer Finance Rates What most people don’t know is that the best way to get a 0% financing car loan rate is through the car manufacturer’s finance division like Toyota Financial, Ford Credit & more. Manufacturers offer low-interest rates for certain models to boost their vehicle sales. You can visit the manufacturer’s web site or call your local dealers to find out about the various rates being offered. Step 2. Find Car Loan Rates Online The next step is to reach out to online lenders and find out the rates they offer. This information will set a “control-rate” for you to compare other options against. Luckily, the internet has made this process way easier. You can simply reach out to lenders or visit their websites and browse through their many plan options. Most online lenders, as compared to banks, offer lower interest rates. Step 3. Reach out To Credit Unions Credit unions are trustworthy, not-for-profit “banks” that tend to provide the lowest rates. The biggest advantage credit unions provide is that they are more likely to work with first-time buyers. They also offer the same interest rates for new as well as used cars, whereas other lenders charge higher rates for used vehicles. Step 4. Get Bank Quotes Banks sometimes offer special rates that can be hard to ignore. The first bank you reach out to should ideally be one that you already share a relationship with. Since you are an existing customer, there is a higher chance of getting good rates. Make sure you reach out to at least 2-3 more banks to have more options available. Step 5. Check with Your Dealership The final step in this process is reaching out to the car dealer and finding what kind of financial aids they offer. Now, all you have to do is tell the dealer the best quote you got from the other sources and see if they beat it.