Everyone knows that how much you pay for your car each month hinges on the amount you finance and the loan rate you pay. The news about the average loan rate in March is very pro-buyer, so now might be a good time for you to finance that new or used car.
According to Bankrate.com the average auto loan rate for a new car fell to 5.56% on a 48 month loan. The 60 month option fell to 5.61%. Used car loan rates are always slightly higher than the rates for new cars, but those rates also fell. A 36 month used car loan fell to 6.57% interest. These rates may not be historic lows, but they are very favorable for the consumer.
Combine these low rates with a small down payment of $500 to $1,000 and you could get a new car for as little as $200 per month. One last tip to insure the lowest auto loan rate is to shop around. Call local banks and look online. Of course, if you have bad credit, we help you get pre-approved for buy here pay here financing right from your computer. Find the best rate before you buy and you will have the lowest possible monthly payment.