Best US Auto Loan Rates
Best US Auto Loan Rates
I noticed today that the national averages for auto loans rates are dropping substantially along with other rates for secured investments. The national averages for new car loans are as follows:
BankRate.com showed the averages as:
36 month – 7.02%
48 month – 7.08%
60 month – 7.11%
36 month – 7.76%
MSN Money had reported that the averages were:
Low – 3.49% Average – 6.77% High – 10.49%
Although these are the national averages, you can still get a amazing deal out there from a few companies willing to go a bit lower.
E*LOAN had the following rates with excellent credit.
36 month – 5.39%
48 month – 5.44%
60 month – 5.44%
72 month – 6.99%
If you are in the market for purchasing a new car, its high time that you shop around for the best rate. To give you some illustrations on some savings you can experience I created a simple illustration.
Price – $25,000.00
Term – 60 month
Rate – 6.5%
Payment – $489.15
Price – $25,000.00
Term – 60 month
Rate – 5.5%
Payment – $477.53
It might not look like much, but the difference between 6.5% and 5.5% is a total savings of $804.13. I am not sure about you, but I wouldn’t mind making an extra $800 just from shopping around a bit for my auto loan.