A loan can be cheap only if it comes with low APR. It is the Annual Percentage Rate that reflects the overall cost of the loan. It includes the interest rate, processing fees, early repayment penalty etc. Thus, if you are looking for to finance a set of wheels then you have to consider the deal in terms of the APR. Simply taking a customised option bearing the same name will not serve your purpose.
There are various factors that contribute to make a car loan deal cheap. In order to make your car loan really cheap you have to apply some methods. Your endeavour should be to save as much penny as possible. The first method you have to apply is to take secured type of loan. It comes with lower interest rate. Though interest rate is not the only cost of a loan, it reflects the major portion. So, you can curb the cost of the loan to a greater extent by keeping the interest rate low.
The other method is to check the contingency fees and to try to save as much amount as you can. Some fees are there that you cannot avoid at all. Like, if you apply for secured , you have to pay the collateral assessment cost. But certain fees are there that you can do away with. For example you can take the case of payment protection insurance (PPI). If do not find it necessary then don't go for PPI.
The next thing you can do to get a car loan at cheap rate is to search the market extensively. Existence of multitude lenders has made the loan market highly competitive. Some of them sell loans at nominal cost just to outdo other lenders. You have to hunt out such type of lender and compare them with others. The method of research and comparison has already been proved to be an effective means of availing suitable deals. Naturally, it will also work fruitfully for you.