Tips on Finding the Best Auto Loan Rates
How to Find the Best Car Loan Rates
Finding the best auto loan rates hasn’t been easier than it is today, especially if you have excellent credit. An October, 2012 report by Automotive News said that banks “are charging U.S. buyers the lowest interest rates on new-car loans since the Federal Reserve began surveying them in 1971.” Additionally, Comerica Bank’s Q2 2012 Auto Affordability Index shows that new vehicles are more affordable for the average American household than they’ve been since the early 1980s.
These trends, my friends, indicate a buyer’s market. Quite literally, there hasn’t been a better time to buy a new car, truck, or SUV since I was in junior high school.
As favorable as market conditions might be, getting the best car loan rates still requires some effort on the buyer’s part, unless, of course, you’re taking advantage of a 0% financing opportunity. Rates don’t get any lower than that.
If your credit isn’t perfect, or the vehicle you want to buy isn’t available with zero-interest financing, you’ll need to shop around for the best auto loan rates. On the pages that follow, we’ll provide useful tips on finding the best auto loan rates.