I like purchasing my vehicles used. As a matter of fact, I have never purchased a new car (yet). One of the benefits that new car buyers typically receive is a low interest rate on their auto loan. Some car manufacturers such as GM will have promotional specials as low as 0.0% APR! Other car companies that don’t need to give their customers as much incentive to purchase may only offer “low” rates, such as 1.9% or 2.9%. These rates are spectacular! But how can used car buyers save money?

Many Americans buy cars that they cannot afford immediately and therefore they will need a loan. The source of the loan is typically a bank. GM for example has their own bank: GMAC, the General Motors Acceptance Corporation. GMAC can be used to provide new car loans as well as used car loans. Honda, Toyota, and other manufacturers have their respective credit lines to offer to their customers.

One way to save money on car loans is to finance the vehicle purchase through a traditional bank. Your current banking provider may have some rate specials going on so it definitely doesn’t hurt to check. Here’s a recent auto loan promotion from Capital One Bank:

Capital One(SM) Auto Finance

Get approved for your auto loan before you shop for your car
with fixed rates as low as 3.01% APR

As a valued Capital One® cardholder, you deserve to know about incredible opportunities when we have them. Right now, you can apply online for low, fixed rate auto financing with our Blank Check® product.

With just three simple steps, you could drive away in your new car!

Step 1: Apply online. It’s fast, free, and there’s no cost or obligation.
Step 2: Once approved, you’ll receive your Blank Check package by mail as soon as the next day.
Step 3: Make the Blank Check payable to the dealer and drive away!

Apply now while rates are still low. In minutes you could be on your way to hassle-free car buying. It’s that simple!

It’s that easy to save money with a lower rate on a used car purchase. Some dealers offer some insane rates. Doing a little homework up front can save loads of money in the long run.