Compare the Benefits : Before you pick a particular lender to avail a car loan, ensure that you explore the benefits offered by various lenders on their car loans. Once you have done that, compare the benefits and pick a lender that offers the lowest interest rates. Many banks offer lower interest rates to its existing customers and hence, it is a good idea to check the interest rates offered on car loans by the bank where you hold an account. Some banks may also offer lower interest rates to new customers as part of a promotion and that is why, you should always shop around before picking a lender.