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Auto manufacturers aggressively market their cars, and one of the ways they do this is to offer incredibly low interest rates for car financing through the dealership. You have probably seen commercials on television or ads in the newspaper which advertise interest rates that seem too good to be true. Rates that hover close to zero percent APR entice prospective buyers into the dealership, but consumers soon discover that they are not eligible for the ridiculously low auto loan rates.
The initials OAC stand for On Approved Credit, and if you look closely you will see these initials or something similar displayed next to the low interest rate. Only buyers with flawless credit are eligible for these types of loans, and since not many consumers actually have flawless credit there are not too many folks driving off the car lot with the lowest interest rate. Instead of becoming mesmerized by low advertised interest rates, contact your bank or credit union to see what interest rates they are currently offering on auto loans. Unless you have amazing credit, you probably won't find an interest rate too much lower than the one offered by your bank or credit union. Of course, if you do find a lower interest rate, be sure to take it.