I have written before that the most important thing to consider when applying for an auto loan is the current auto loan rates. These loan rates are responsible for determining how much you are going to end up paying for the car. So the most important thing you have to me in the look-out for is low car loan rates. In this article I'm going to talk to you about the current auto loan rates and give you some extra tips on the best places to look for low loan rates.

First off, you should know that there a 4 main different kinds of auto loan rates:

• 36 month car loan
• 48 month car loan
• 60 month car loan
• 72 month car loan

Each of them have different loan rates that fluctuate between 6.5% and 14%, sometimes climbing up to the 15% or 16%. The actual rate depends on you location and if you want a new auto loan or a used car loan, but the general rule of thumb is the lower number of months for the auto loan, the lower the car loan rate. Of course if you want a used car loan you should expect slightly higher loan rates than for new cars.

I've learned that depending on where you apply for your auto loan, you can expect to find lower or higher rates. I won't talk about it in-depth but you can anticipate lower auto loan rates from credit unions and higher - but safer - rates from the auto dealers.

Auto Loan Rates Different Locations

If you are part of a credit union, you'll be able to opt for larger auto loans with lower auto loan rates. You should check your union and compare the auto rates with your local bank to see which one is better. The other place, auto dealers, can offer you auto loans with a slightly higher loan rate but are much safer. When I say safer I'm saying that the whole loan process faster and approval rates are much higher.

But don't worry if you're not a member of a credit union or only find high auto loan rates with your auto dealers. There is another kind of auto loan you can apply for called a home equity auto loan. By placing your house as a collateral, you'll be securing your auto loan no matter what. Always remember to research for the current auto loan rates until you have nowhere else to look for decline.