New Auto Loan Rate Trends
If you’re thinking of buying a car or refinancing your current car, you can use this chart as a point of reference.
The chart shows the rate trends for several different loans over the past 12 months. Note that this chart refers to 3, 4 & 5 years auto loan of $25,000.
Where to go for a Car Loan?
Remember that these rates are the national average, and may differ considerable from the rates you can get (see this table). Make sure to talk to a qualified car dealer about your options and the best time for you to refinance or buy.
In any case, remember to:
- Fix any credit issues (if you have any) and improve your credit utilization with this simple trick! A lower utilization can mean a lot in lower interest rates on your auto loan!
- Shop around! – Both online and at the dealer’s. When properly done, rate shopping won’t hurt your credit, and can save you a fortune on interest. More about rate shopping here
- Be prepared! – Read this Obtaining a Car Loan article BEFOR you head for the car dealers’ shop, so that you know in advance how they operate and what are their weak points.
Remember – by failing to prepare you are preparing for a failure!