Overhaulin' - Where can I get a car loan interest rates? pls help?

Where can I get a car loan interest rates? pls help?

I am 19, I have no credit. Never had any loans or credit cards. What is the best way to get a car loan with a low interest rate. Currently I have been approved for a rate of 7.25% is there any lower? Please help. Thank You

Public Comments

The BEST rate on a car is CASH. If you need a loan, you can't afford the car. You can find a good USED car for about the same as 3 or 4 months of loan payments.
Its just that auto loans seem a challenge to get recently. The online places are fast and I have heard the are less paperwork. I suggest http://auto.deal4-you.com
If you want to find the lowest auto loan quote, try this site http://CreditAutoLoan.info Here you can get quotes from all auto loan companies in your area, its the best way to find an affordable auto loan with a reliable company.
I agree with the other poster: cash is king. There really isn't any reason not to pay for your first car with cash. You can pick up a reliable used car for a few thousand. Get an old Volvo or Toyota. I'm 26, and I paid for my first car with cash, and I'm *glad* I did, because it gave me time to save up money for my next car with cash. Once you get on the loan treadmill, it's tricky to get off. I know a lot of other people my age who are still buying their cars using loans, even though they'd rather not, because they had to pay off their first car loan and so never had a chance to save up money for their next car. By the time the first loan was paid off, they needed a new car, and had no time to save more money, so they had to get another car loan. It ain't called a treadmill for nothing! So I seriously recommend that you save for a little while and buy your first car cash, or at the very least work to pay off the car loan early so that you don't have to take out a loan for the next car. That said, 7 1/4% is a very respectable rate for a car loan, especially for a young person with no credit history. That's actually a pretty good deal and you're unlikely to find a much better deal out there (unless there are fishhooks hidden in the fine print: be sure to read carefully).