The Internet has made life so much easier for would-be borrowers. Web sites that specialize in loan information will give you a quick rundown on average rates and the best rates in your area. Our Loan Rates resource gives five or more quotations for each major city. For instance, when the national average auto loan rate for new cars was 9.04 percent, nine entries for the Tampa area showed a high rate of 11.73 percent and a low rate of 7.85 percent. Each entry lists the institution’s name, phone number, rates and conditions. If you follow up on such a lead and are approved, you probably will have the cheapest available car loan aside from a credit union’s.

When you deal with a potential lender, however, always double-check to see if you’re getting a simple-interest loan — a loan where interest is paid on the original principal and not on the accrued interest. Other loans will structure the payments so that almost all your money goes initially to interest. If you later decide to trade in that car early, refinance the loan or pay it off for other reasons, your balance will remain higher because very little of your payments went toward reducing the principal. The higher the interest rate, the greater the disparity between simple-interest and interest-first loans. In a single-digit interest climate, the difference isn’t very dramatic, though.