If you’re in the market comparing your options for that next car, it makes sense to be comparing your options for a car loan. Looking for the lowest interest rate loan isn’t always the right strategy, and here at Stratton Finance, we have over 20 years of experience in helping our customers ensure they get the right solution for their needs.

But first, what exactly is a “low rate”?

Many people assume a low rate is zero, or 1%. However, those rates are artificially low. To best determine what is a low interest rate, you need to get a view on what is on offer in the market, and there’s no better way to do it than compare your car loan options.

Things to know about low interest rate loans

There is a catch with low interest rate car loans you need to know. Sometimes, these are offered by dealers with headlines as "zero or 1% finance offers". They look compelling, but they can often be misleading.

Don’t compare apples with oranges

Interest rates, particularly those that are not specifically defined as comparison rates can be manipulated to appear attractive, but be offset by ongoing fees. A comparison rate allows you to compare apples with apples.

Lowest rate isn’t everything

Searching purely for the lowest interest rate may mean you give up flexibility or service. Consider your circumstances, and think about how you’ll use your car, and when you intend of disposing it before you lock in the lowest possible rate.

To make sure you’ve got all the right information about your next car loan regardless of the interest rate, chat with our team of finance specialists, or get a car finance quote today.


Common FAQ's about low interest rate loans

The best reference point you can use is other rates in market. If the offered interest rate was 1% for example, but most rates that were being offered by non-dealer lenders were 4%, the rate you are being offered is potentially artificially low and therefore being offset by an increase in the price of the car.

Lenders may reduce their maximum loan amount for older vehicles to reduce downside risk in the event of a default or mechanical write-off. There are lenders that specialise in older cars whilst retaining competitive rates; contact our team today to help assess these options.

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