How to get lower interest rates on car loans

Jun 6 2010 Though the interest rate regime is a benign one for the moment, it is a matter of time before they start going up. If you are looking at any major purchase of a car or home, then this is the right time to go for it. Remember that any saving you make on the car loan will have its impact over the tenure of the loan and could add up to something substantial.
You can make things sweeter for yourself by also talking to many lenders and negotiating hard for an even better interest rate. If your credit report is a strong one, then take advantage of it and bargain for the cheapest interest rate possible. At this point in time, lenders and car manufacturers are keen to sell as many vehicles as possible and will not mind extending a lot of sops to interested consumers like you.
Yet another way is to pay for the points and since the usual equation is one point = one percent of the car loan value being taken, you would be able to get a reduction in the interest rate being charged.

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