Lowest Interest Rate Auto Loans - When looking for a new ride, a low interest rate is definitely something worth enjoying! And your interest rate can vary greatly depending on the institution you borrow from, your loan amount, the length of your term, etc.
A longer term loan usually allows for lower monthly payments, but an additional period of interest may also add up. For example, if paid for more than 48 months, a loan of $25,000 at 4.5% interest would result in a monthly payment of $570 and a total cost of $27,364. When paid for 84 months in the amount of $348 per month, the same loan at the same interest rate. the average cost is $29,190 - more than $1,800 more expensive over 48 months. (https://www.valuepenguin.com/auto-loans/average-auto-loan-interest-rates)
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Borrowing discretion in who you choose to borrow from can make a big difference in what the interest rate might be. Did you know that credit unions often offer their members low APRs? When you're looking for the perfect car, make sure you're also looking for the perfect price! Written by Rebecca Betterton Written by Rebecca Betterton Right Arrow Auto Loan Reporter Rebecca Betterton is the auto loan reporter for. He specializes in helping readers navigate the ins and outs of securing a car loan. Connect with Rebecca Betterton on LinkedIn Linkedin Rebecca Betterton
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Edited by Chelsea Wing Edited by Chelsea WingArrow Real Student Loan Editor Chelsea has been on the job since early 2020. He is invested in helping students navigate the high costs of college and breaking down the burden of student loans. Connect with Chelsea Wing on LinkedIn Linkedin Chelsea Wing
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Motorists looking to finance a new or used car in the next year can expect a gradual increase in interest rates, but average rates are still expected to remain below 5 percent.
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"Car loan financing has been less sensitive to interest rates in recent years, and this was certainly true of the Fed's 2015-2019 rate hikes," said senior financial analyst Greg McBride, CFA. "Competition among lenders means that something similar will happen this time. Interest rates will rise, but not as much as the Fed is raising rates. "
Last year saw a lot of volatility in the car market due to low production and global trade issues, but car loan rates followed a steady decline. The national average loan rate for a 60-month new car loan was 4.24 percent at the beginning of the year and fell to 3.92 percent by Dec. 15, according to the text. Motorists looking to buy used cars were also welcomed at a low price. Rates on a 36-month used car loan started at 4.53 percent and ended the year at 4.39 percent, while 48-month used car loans fell from 4.79 percent to 4.54 percent.
These low rates are due in large part to the Fed's drive to keep rates low amid a recovering economy. With that said, increased consumer demand meant that car prices were high, so even though loan rates fell in 2021, many drivers struggled and are still struggling to find a car to finance.
McBride warns that rates are expected to rise next year, predicting that by the end of 2022, the average five-year loan for a new car will be 4.4 percent, and the average four-year used loan will be 4.85 percent.
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He explains that the main driver of inflation in 2022 is the Federal Reserve raising benchmark rates. After stimulating the economy at the beginning of the pandemic, the Fed will raise interest rates to reduce the inflation that occurred at that time. These interest rates directly affect the amount paid by drivers to borrow money for their loans.
Although McBride's forecast shows a slight increase in rates, ongoing trade issues could affect any earnings in the low-end area. The global chip shortage continues to weigh on auto availability, and U.S. production is down 65 percent year-to-date, according to the National Automobile Dealers Association. This means more expensive cars and less deals at the dealership.
"A moderate increase in speed is negligible compared to the supply problem," says McBride. "And if it continues to hold in 2022, many drivers will be disappointed."
The truth is, there is never a perfect time to buy a car, and the lack of car inventory makes it difficult to find a good deal even when prices are low. However, you can prepare by shopping around and improve your credit score.
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Rebecca Betterton is the auto loan reporter. He mainly helps readers in
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