Can you get auto loans under 5% apr on used vehicles?

Mar 18th, 2010
by admin.

So I’ve never even thought about getting an auto loan, never even considered it because I’ve always thought it was a waste of money paying interest. I’ve always thought I’m better off just saving the money and buying with cash. I am very much against interest.

Well I recently bought a house (would have preferred to just save up the cash and buy it outright to avoid the interest, but its just not an option). The interest rate on my house is 5.0%. Now I’m planning to buy a used truck soon, for around $7K. Now I could save up my money and buy it a year from now, but I kinda want it sooner. I was thinking, if I can get an auto loan for a lower interest rate than the interest rate I’m paying on my house, that I might actually save a little money. Since I could just take all the money I would have spent up front on the truck, and apply it to the principal of my house.

But the only question is if this is actually possible. Is it easy to get an auto loan at a rate of under 5%? I’d probably be buying from a private party, so does that mean I just get pre-approved at the bank before I even find a vehicle, or how would that work?

Or am I better off abandoning the whole idea since maybe you can’t get auto loans that low?

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5 Comments

  1. Rudy H says:
    March 18, 2010 at 5:16 pm

    Highly unlikely unless it’s a manufacturers special like BMW or Mercedes often do on their Certified Pre Owned cars.

  2. chum says:
    March 18, 2010 at 6:12 pm

    If you have credit cards you get those checks in the mail 2.99 percent for the life of the loan ! ! !

  3. Colin says:
    March 18, 2010 at 6:43 pm

    If you have an amazing credit score than it is possible, but not too likely. The lowest that I have seen is in the 4’s. Your best bet would probably to go to a credit union and get pre approved.

  4. alfredb1979 says:
    March 18, 2010 at 6:48 pm

    Don’t bother.

    Used cars start off around 6.5%.

  5. Ines M says:
    March 18, 2010 at 7:13 pm

    It might really save you time to just get an auto loan price online to verify what the going rates are. You might be totally suprised. Also if your credit is not good, a lot of online loaners are more willing to help you.

    What I usually tell folks is that an online quote at http://autoloan.saverightnow.info is a no brainer.

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