So Who Really Does Offer The Lowest Car Loan Rates?
A recent analysis by WalletHub has found that it is the automakers who are offering the most competitive rates on auto loans.
Essentially, the down economy has caused a significant drop in new car sales so auto manufacturers have been offering low rates on new cars as an incentive to purchase them.
WalletHub, a social media based, financial advice website recently studied over 150 auto lenders and car companies to compare their rates. Their findings show that in the 4th quarter of 2014 good credit car customers found an average of a 1.92% interest on three year auto loans. While credit unions were charging 2.44% for the sames loans.
Shocking enough, the banks wanted an interest rate of 4.31%!
Of course however, with the auto manufacturers rates you have to factor in the 0 percent financing deals that pop up all the time in television advertisements.
WalletHub found that for people who can’t get their car loans from an auto manufacturer or for people who want to finance a car that include any financing incentives that a credit union is your best bet. Followed by small local banks. Large commercial banks should be your last option as they will typically result in high car loan rates!
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