I’m curious about the experiences of others when it comes to securing auto loans. Specifically, what is the lowest interest rate you’ve been able to obtain? Any insights on your credit score or the lender would also be helpful.
Credit unions are often your best bet for getting a low interest rate on an auto loan. I managed to snag a 2.49% rate last year from my local credit union. My credit score was around 790 at the time. Credit unions typically offer better rates than traditional banks because they’re more focused on serving their members rather than maximizing profits. It’s also worth considering pre-approval with several lenders to see who offers the lowest rate. Make sure your credit report is clear of any mistakes and your debt-to-income ratio is healthy before you apply.
I recently got a 3.1% rate from a larger national bank, and honestly, it wasn’t too hard to land. My credit score was 750, so not at the top, but still solid. What’s interesting is how competitive banks have been lately, especially with auto loan demand picking up again as vehicle inventories improve. This trend might change though if the Federal Reserve adjusts rates again. 
From what I’ve seen, these rates tend to fluctuate depending on economic forecasts and repo rates, so it’s worth keeping an eye on where the market is moving. This could create a window of opportunity for securing an even lower rate before any hikes come into play again.
I actually got a 3.5% rate a few months ago from an online lender. My credit score was sitting at around 720, not super high, but decent. I was kind of surprised, but I guess it helps to shop around a bit and check different online offers, which are sometimes more competitive than local banks! Also, if you’re going with a dealer, sometimes they have special financing deals going on, like manufacturer incentives, which can lower the rate even more, but I didn’t look much into that. Just a thought!