Record Low Interest Rates on Car Loans

While this may not seem like a big drop, the typical car buyers is actually saving over $1,000 in financing costs compared to last year.
We can thank Toyota for starting the incentives war after they introduced 0% financing following their recall fiasco. Although Toyota has scaled back their incentives to certain regions, other car makers have picked up the slack.
GM, Ford, Nissan, Chrysler, Mazda, Suzuki and Saab all offer 0% financing on some of their models. Even Porsche is offering 1.9% financing on all models except the Panamera.
Banks and credit unions have also become more competitive with their car loans. Last year, it was very difficult to get financing even if you had great credit. Now, many car buyers can secure financing without having to pay outrageous interest rates.
One word of caution: Don't assume you automatically qualify for the low-rate financing offered by the car manufacturers. Many still require you to have great credit. Nothing is worse than going to a dealership thinking you're getting a low interest rate only to discover you don't qualify.
Always have a backup plan and make sure you secure financing before going to a dealership. Securing financing doesn't mean you have to use it. The dealer will usually try to offer a better rate than what you already have.
My Recommendation for Car Shoppers
TrueCar No-Haggle, CarsDirect, and Ryde Shopper 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.- Gregg Fidan

Each week, I'll keep you up-to-date on the latest car deals and news that might affect your purchase. This includes...
- Best Rebates, Incentives, and Lease Deals
- Latest Car Buying Scams and Tricks
- The Best & Worst Time to Buy a Car
- Which Cars You Should Avoid
About The Author

Latest Weekly Car Buying Tips
April 2021
- Top 100 Cheapest Lease Deals Apr 15, 2021
- Biggest Discounts on New Cars Apr 15, 2021
- Real Prices of Compact Cars Apr 15, 2021
- Largest Hidden Dealer Rebates Apr 15, 2021
- Best Bang for Your Buck Lease Deals Apr 08, 2021
- Best Electric, Hybrid Lease Deals Apr 08, 2021
- Best 0% Finance Deals March 2021 Apr 08, 2021
- Real Prices of New Compact SUVs Apr 08, 2021
- Top 100 Cheapest New Cars Apr 01, 2021
- Real Prices of Large SUVs Apr 01, 2021
- New Cars You Should Wait to Buy Apr 01, 2021
- Luxury Lease Deals Under $500/mo Apr 01, 2021
March 2021
- Best Car Deals by Category Mar 25, 2021
- Worst Cars to Lease Right Now Mar 25, 2021
- Which Cars Better to Lease or Buy Mar 25, 2021
- Real Prices of Midsize Cars Mar 25, 2021
- Best Car Deals Around the Country Mar 18, 2021
- Cars With the Largest Rebates Mar 18, 2021
- Price Comparison of Subcompact SUVs Mar 18, 2021
- Real Prices of Midsize SUVs Mar 11, 2021
- Real Prices of Pickup Trucks Mar 04, 2021
- Biggest Discounts on Leftover Models Mar 04, 2021
December 2020
- Best End of Year Car Deals Dec 31, 2020
- Real Prices of Midsize Luxury Cars Dec 24, 2020
- Real Prices of Small Luxury SUVs Dec 17, 2020