New Auto Loan Rate Trends

New Auto Loan Rate Trends by monthIf 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:

  1. 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!
  2. 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
  3. 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!

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