Q:

What are some tips for getting a lower rate for a car loan?

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Quick Answer

Building a strong credit report and shopping multiple lenders are among the top tips to get a lower car loan rate. Another strategy is to get financing from a credit union rather than a bank, as it normally has lower rates, according to Bankrate.

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Full Answer

Having financing in place before shopping for a vehicle also allows a buyer ample time to compare options and find the best possible loan rates. Someone in the market for a new car gets lower rates than someone buying a used car, according to Cars.com. Taking on a shorter loan repayment term usually leads to lower rates than are available with long-term loans.

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