auto loans

[duhtroll]

For you financial types out there, what do you hear for auto loans currently?

Since I'm looking to replace a vehicle in the next 6 months, I'm doing some research and thought we might share.

New auto around here is 5.5% at my CU, so I know I can probably find 5% or lower (if there isn't a 0% financing deal going on at any given time which is a good possibility right now).

Home equity loans/line of credit are cheaper, and bankrate listed one at 3.25%! Of course, I'm sure they have 27 hoops to jump through and lots of fine print so no one gets that rate.

What do you hear where you are? Are people getting loans or are banks being tight?

What are the caveats to look out for? Anyone got a killer deal they wish to share? Or the opposite, lenders to stay away from?

Carbuyingtips.com is my bible for this -- got that from a member here years ago IIRC.

[rayjay]

I'm no expert, but I believe now is the time to buy. Rates are good and new cars are relatively cheap. It won't stay this way forever. Just my .02 Unless you are spending big bucks minor differences in % rates do not add up to much real money.

[jgc61sr2002]

5.5 % auto loan sounds good to me.

[Mike Poore]

L/M offered us $1,000 cash if we'd finance at least $7,000 on the new vehicle, and the dealer urged us to do so. It works this way: Minimum of 7K loan and you must keep the loan for four months. First month, pay $6,000, then the remaining balance/interest for the next three months, then pay it off. It works out to ~$900 in your pocket and they do the paperwork. The interest rate in not an issue in this instance. :D