Negotiate interest rate with bank on new loan?

[Anonymous]

I'm buying a car and doing some auto loan shopping.

My scores are all around 680-700 and I recently fixed some 30 day late payment marks on my report that were due to bank errors.

Anyway, Ive started applying for loans and I'm getting 5-5.5% accross the board. 

Purchase Price: 49,850

Down Payment: 11,000

Loan Amount: 38,850

Loan Length: 60-72 (just depending on rate. I typically pay 1.5-2x) 

Anyway, once Ive been approved and say I'm offered 5.5%...can I negotiate this with the bank/credit union? Can I call their department up and say "hey, id like a better rate?" Or is their offer a done deal and nothing can be negotiated?

Thanks in advance knowledgable people!

[sccredit]

With interest rates on the rise we will all start seeing rates creeping up on us.  If the bank or CU has a published lower rate it is definitely worth a recon to see if they'll give you the lower rate.  Nothing lost by trying.

[MitchDeerfield]

Give the dealer a chance to give you a lower rate, especially with their captive Finance Companies.  I can pretty much guarantee they will beat the rate you quoted, but it won't be much less, unless the Car Manufacturer is running a special rate to move their cars.  GM is giving out zero percent loans on some vehicles.

[Appleman]

PenFed has 2.49% but for 36 months and excellent credit. 60 month 3.74%, 72 months 3.99% and 84 months at 4.49% again all with excellent credit. PenFed uses Fico09 which has helped some and hurt others. PenFed is currently my go-to credit union, very easy to work with IMO.

DCU was a strong player and their current (2-21-19) lowest advertised rate is 4.24% for up to 65 months. 84 months bumps it to 6.74%.

Currently, DCU is not the most competitive lender. However, they will lend you up to 120% of the car's value. They previously had a lower score (I want to say 680 to get lowest rate but I may be remembering incorrectly) to qualify for the best rate.

Unify Credit Union is 1.74% for 24 months up to 5.49% for 96 months! They are sitting at 3.49% for the 5 and 6-year loans. 

Your credit is Good but not in the Excellent category of 720-740+ that will usually qualify you for the lowest auto rates. As others have stated, it usually does not hurt to ask for a lower rate or have the dealer beat your financing.

I think your stated rate is in the range of where the market currently sits.