0% Financing Deals Available Until 2013
With the recent volatility in the stock market, the Federal Reserve announced that they will keep interest rates near 0% until at least 2013.
This means banks will be able to borrow money at near 0% interest, making it easier for them to offer low interest loans to consumers.
This is good news for car buyers since interest rates on car loans will remain low or possibly even head lower.
Right now, if you have excellent credit (check your credit score here), you can get an auto loan for as low as 2.9% from major lenders such as Capital One Finance.
In the near future, these rates may drop even lower - and these are loans with no incentives attached!
Right now, most car makers are offering a slew of financing incentives, with a good portion offering 0% financing.
We're sure to see these trends continuing until at least 2013 and we'll likely see more 0% financing deals with terms of up to 72 months.
You can read more about how to save money on car loans in our Car Loan Guide section.
My Recommendation for Car ShoppersTrueCar, Edmunds, and 1-800 Car Show are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you - and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.
New York Tri-State Residents - Important:There is a new car leasing service called Carvoy, available to NY tri-state area residents, which I recommend you try - especially if you hate the stress of haggling with car dealerships. Carvoy provides pre-negotiated lease deals, calculated with taxes and all fees incuded so you know exactly what it will cost. Here is my list of Best Carvoy deals, updated each month.
- Gregg Fidan
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About: Gregg Fidan
Gregg Fidan + is the founder of RealCarTips. After being ripped off on his first car purchase, he devoted several years to figuring out the best ways to avoid scams and negotiate the best car deals. He has written hundreds of articles on the subject of car buying and taught thousands of car shoppers how to get the best deals.
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