If your credit is poor, it may be worth asking a family member or friend who has excellent credit to cosign your auto loan application. This can help you get approved with better terms. There are many factors that can impact your auto loan rate, including the car price, down payment, and loan term. Generally speaking, it is better to choose a shorter loan term because it will reduce the amount of interest you will pay over the lifetime of the loan. Another factor to consider is your debt-to-income ratio, which is how much of your income you devote to paying off other debts.