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Special lenders who offer auto loans with low interest rates could be further willing to lower interest rates if they get financially assured that they will be able to recover money in the event of a loan payment default. To that effect, to obtain a further reduction in the rate of interest, you as a borrower can consider paying a 10 or 20% down payment on your car loan or opt for getting a creditworthy cosigner to back his loan. Alternatively, you may also think of pledging some valuable asset like home as collateral against the loan amount which is being provided. Many borrowers mortgage home equity for financing as it helps them to secure monthly installments that fit their budget but this may not be advisable as in the event of a default, borrower may lose his home. But you may certainly pledge a new car.
In any case, regardless whatever option you choose to secure the most affordable deal on auto loans with low interest rates, it could be vital for you to get plenty of free non-obligatory quotes from several different lenders and compare them with the help of an online car loan calculator or by making use of some reputed comparison websites. The entire process could be tough but is absolutely necessary for finding the right type of lender for your specific financial as well as credit situation. However, you may reduce the rigors of the procedure by seeking help from some specialist automotive finance service that has experts to guide borrowers in navigating through the bad credit car financing process with ease. Just make sure that you have found a service provider that is totally reliable and reputable.