Current Auto Loan Rates: How to Check the Ongoing Rate
Current auto loan rates are determined by a number of factors. The main factor that determines what a consumer is going to pay in auto loan rates is what is known as the prime interest rate. This is what the Federal Reserve charges banks for loans. It usually fluctuates a little on a daily basis. The prime rate can be checked online, by going to a bank or by reading the business section of most major newspapers.
When getting a car loan, you may find it helpful to check the prime rate and some competitive car loan interest rates online. Some good places to do this are:
- Bankrate.com. This is a site that will allow you to check the current rates offered as an average for car loan interest. This site offers an auto
overnight averages ticker, which represents what some of the largest banks charge as current auto loan rates. It also allows you to input your zip code and check rates for your area. Lendingtree.com. This site will allow you to obtain a number of quotes from different banks and lenders in order to see what you will qualify for. E-loan.com. This site has a search function you can use to track historical rates as well as current rates.
All of the sites mentioned also offer loan calculators which allow you to see what sort of payments you might be looking at with different finance amounts and rates.
When getting a car loan, the internet should be your first stop to make sure you know what you can expect for current auto loan rates.Source: www.autos.com