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Many finance companies offer loans based on your credit score and current financial situation, and with it comes an APR percentage attached. This dictates the full amount you pay over the course of your loan, inclusive of interest. At
Car Finance APR Explained
A common misconception is that APR and interest rate mean the same thing, however that is not the case.
What is APR on a car loan?
APR stands for Annual Percentage Rate. It refers to the interest that you pay annually on a car loan and is normally added to your monthly direct debit or standing order. Due to the fact you pay off the interest rate in smaller amounts, it is unlikely to make too much of an impact
What is the lowest APR car finance available to me?
5 tips for Landing Low Rate Car Finance
So how can you lower your APR? Of course, it is important to carry out research in the sector to help you identify the best deal, but to help you out the experts at Get Car Finance Here have put together 5 top tips to help you achieve the lowest rates of interest.
1. Get proof of income
As previously mentioned, we base your loan off your current finances, so proof of income and job stability is desirable. By evidencing a tax return, pay slip or other legal document that portrays your income you will have a greater chance of securing a better interest rate.
2. Check your credit score
Another thing that can influence your APR when looking for a car finance deal is your credit report. Use credit reports to check your credit score and do your homework to see if you can find any tips that will help you build credit.
3. Lower car loan terms with less months
Of course, there are adjustable factors that you can benefit from when trying to get low APR car finance. Choosing a shorter loan around thirty-six months may mean larger monthly instalments, but overall the cost of your loan will reduce. Not setting your heart on one car and comparing multiple vehicles can also put you at an advantage as Get Car Finance Here also base APR rates depending on the type of car (for example a Vauxhall is more likely to have a lower APR than a Mercedes).
4. Find a credible guarantor
By adding a co-signer to your car finance deal who has a strong credit score, your interest rates are likely to be significantly lower. You can choose a family member or close friend to be your guarantor, who will pick up any payments that you miss for any reason.
5. Part exchange
If you have a car currently and you are looking to upgrade it with Get Car Finance Here, consider part-exchange as an alternative to a lump sum deposit. Our team will value your current vehicle and use it as a down-payment. The bigger the initial deposit, whether it be cash or car, the likelihood of your APR being reduced increases.
Get the best APR interest rates with GetCarFinanceHere
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If you would like more information on how to get the best APR interest rates or any queries regarding our car finance services, please get in touch with our expert team today. Alternatively, for quick answers and guidance call us on 0808 301 1774.
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