For many, a car deal is a big purchase decision that is directly related to taking a loan. Be it a brand-new vehicle or a pre-owned car, getting the best possible car loan interest rate will help save thousands of rupees over the life of your loan. Here are a few steps that shall help you secure the lowest possible car loan interest rate for buying a new car or even a used car.



1. Check Your Credit Score

Your credit score is the single most important thing that can determine the car loan interest rate you will get. It indicates the amount of risk you are to the lender in lending your money. The higher your credit score, the lower the interest rate is likely to be. Get a copy of your credit report before you go car shopping, and organize any errors therein. In case you find some mistakes, do the correction instantly, since it can hurt your score.