Generally, secured loans have higher interest rates than unsecured loans because unsecured loans have no collateral to ensure the repayment. Unsecured loans, therefore, put lenders in a risky spot. When there’s a higher risk for the lender, it would involve a higher interest rate for the borrower.
Traditionally, car loans are provided by banks; however, over the years they’ve been offered by other finance companies as well, and they often have lower interest rates than banks. Although non-bank lenders can offer lower interest rates, they’re sometimes less flexible. It’s best to go through a pre-approval process with a bank first, so that you can check the rates before applying to non-bank lenders.
While there are many methods to get a low interest car loan with a bank, one of the most effective, not to mention most common methods, is to maintain a good credit rating. This gives assurance to the lenders that you can make repayments, and allows them to give you a favorable interest rate.
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