The auto loan interest rate that you are quoted for your car loan will be one of the main factors that will determine how much your monthly payments will be. Before you start shopping for a car, it is a good idea to check out auto loan interest rates that are based upon your credit score. If you have excellent credit, chances are that you will be able to get a low interest rate. If you have poor credit or a prior bankruptcy, foreclosure or repossession, chances are you will be quoted higher auto loan interest rates. No matter what your credit status, however, you should be certain to shop around for the most competitive loan interest rate prior to buying a new or used car.

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