Did you know that auto loan rates are the lowest they’ve been in years? For instance, average March 2010 rates were 66% lower than they were in March of 2007 (4.4% vs 7.3%). Want to know whether you qualify for the lowest auto loan rates in your area? Request an online auto loan quote and compare it against local rates based on credit score.
The Fed Funds Rates and You
Get a Low Rate Auto Loan...Online!
These great rates can be partially attributed to the Federal Reserve and the “Fed funds rate” — since the economic crisis hit in late 2008, the Fed has kept this rate at nearly 0% to keep lending alive in the wake of tightened credit, foreclosures, and loan delinquencies that accompanied the recession.
CNNMoney.com is now reporting that the Federal Reserve can be expected to raise the Fed funds rate as the economy improves, meaning banks and car lenders will have to increase the interest rates they charge borrowers. This means auto loans will cost more for people with bad credit, no credit, and even good credit, and the same monthly payments will buy you more car right now than in the near future.
Lowest Rate Auto Loans to Continue…for Now
That said, CNN reports that auto loans are currently a “bright spot” due to the vast offering of 0% auto loan rates now available. They believe these Toyota zero percent financing deals, as well as incentives from other automakers, will endure for a little while longer even after interest rates have risen on credit cards, mortgages, and other loans. So if you’ve been on the fence about financing a new car, now might be the best time. Jump on these lowest rate auto loans before they disappear.
Do you qualify for the lowest auto loan rates? Request a Quote Online to Find out!
