Some manufacturers offer to lock rates on custom orders, so you can take advantage of current deals, even if the car isn't on the lot quite yet. With many automakers experiencing inventory shortages due to supply chain issues, this can be a good opportunity to save money on a new car if you qualify.

Rate Lock Programs

Can You Lock Interest Rates On Car Loans?Rate lock programs typically come from automakers when you purchase a new vehicle that dealers don't have in stock. For instance, qualifying borrowers may be able to lock in a low APR rate, such as 0.9% or 1.9% on a custom-ordered car financed through a captive lender. Currently, automakers like Ford are offering locked interest rates on select vehicles, while luxury consumers may be able to get this perk with BMW.

In order to qualify for these programs you likely need to have good credit. Most automakers that offer locked interest rates require that you take delivery of the vehicle within a certain amount of time – usually 60 to 90 days. However, with current models taking longer to get into showrooms and consumers' hands, some borrowers may be left wondering if their locked rates will hold.

In most cases, the answer is yes, a rate lock should continue to stay in effect if the delay in vehicle delivery is due to circumstances beyond your control. Some automakers who offer rate lock may give qualifying consumers the choice between the locked rate deal from when they ordered, or a future deal available at the time of delivery. These scenarios might not always be the case though, so be sure to check with your dealer if your order is delayed.

Can I Qualify With Bad Credit?

If you're a bad credit borrower, getting into a rate lock program, or even qualifying for a new vehicle purchase may be challenging, but it's not impossible. If you struggle with qualifying for an auto loan, be sure to keep in mind that you likely need more documentation to get a loan than someone with better credit.

If you're looking for a dealership that can approve you for an auto loan but don't know where to turn, Auto Credit Express wants to help. We've cultivated a nationwide network of special finance dealerships that can help in many challenging situations. Simply fill out our fast, free auto loan request form. There's never any obligation, so get started right away!