How to Get Lower Interest Rate on a Car Loan


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You can get a terrific deal on a new Lincoln or quality used car when you shop at Five Start Lincoln Warner Robins. But with an interest rate that's too high, all that savings goes out the window. If you're asking, "Can you lower the interest rate on a car loan in Macon or Dublin?" the answer is, sometimes. If you're wondering how to get lower interest rate on a car loan, our finance center can help with the following tips that will have you getting a lower interest rate on auto loans. 

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Getting a Lower Interest Rate on Auto Loans

Can you lower the interest rate on your car loan? Check these options for how to lower your car loan interest rate. 

  1. Check your credit score. Knowing your credit score can help you decide if it needs to be cleaned up a bit more before you apply for a car loan.
  2. Clean up your score. Making sure your credit score is in a good place before applying for a car loan can help in getting you a lower interest rate.
  3. Check for Refinance Loans. Make sure you know the range of interest rates that are average for your credit score and loan amount. Be sure to compare rates and payment terms from multiple places and ask your current lender for a lower rate. If denied, let them know you've been offered lower rates elsewhere and ask if they're willing to match or beat the lowest offer.
  4. Enlist a cosigner. Having someone cosign for your loan might get you a lower interest rate on your loan, especially if you have bad credit.
  5. Consider in-house financing. In-house financing means you'll be making payments to the dealership instead of the bank. If you make your monthly payments on time, consistently, then you'll also be able to get a higher credit score.

What is a Good Interest Rate?

The interest rate you receive depends on your credit score as well as the size of the loan. And while they can be negotiated, on average, drivers can find an interest rate ranging from 3.2% to 12.9%. Based off of credit scores, here are estimated interest rates:

  • 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)

Get a Great Interest Rate with Five Star Lincoln

Now that you know how to get lower interest rate on a car loan, start your buying journey when you apply for financing with Five Star Lincoln. Our well-connected team will do the legwork, sending your application to multiple lenders so you have a variety of terms and interest rates to choose from. You can save even more when you add one of our new Lincoln deals to your purchase. So start saving on your next Lincoln with us!Â