Car Loan Rates

Though the economy is not at its best these days, this is still a wonderful time to purchase a car; car loan rates are super low! It is the perfect time to purchase a new or even a used car to take advantage of rock bottom rates or to consider refinancing your current car loan.

Finding car loans and qualifying for one

If you have never tried to buy a car, you may not know what is entailed in the qualification process. In actuality, qualifying for a car loan is quite simple. The first thing to do is look for a lender to make the loan. Oftentimes, you can get the loan right at the dealership, but beware, chances are that you are not going to get the best rates there. Your best bet is to go to your own bank or, better yet, go to your local credit union. Credit unions offer the best rates by far across the board, with some rates starting as low as 1.99 percent! Of course, all of this depends on your credit; the higher your FICO score, the lower the rate. If you have a low FICO score, you could easily end up with a rate up in the high double digits. Doing a little research before you head out to buy that car is a wise step and highly recommended. It could literally save you hundreds of dollars in financing charges over the life of the loan.

Buying a car is fun, but getting hammered with a high interest rate is not. By doing a little bit of research and addressing credit issues early, you can position yourself to make your car-buying or refinancing experience a winning event all the way around.