NEW YORK (MainStreet) — All over the map - that's a very apt characterization regarding new car purchase interest rates today. Money is cheap now - 30-year fixed rate home mortgages are generally still going out under 4% - but some car loans are really cheap. By contrast, some are double digit. It comes down to who’s shopping.
Want really good deals? Check the big auto information websites for updates, because every month there are jawdropping specials but they change, fast. Right now, for instance, the VW Tiguan is yours for 0% on a 72-month loan - yep, free money for six years. A Hyundai Sante Fe is 0% for five years. You wanted something, well, different? How about Ford Fusion at 0% interest for 72 months plus $1, 000 in a cash bonus?
Right now, several more cars are available on similar deals. But blink and they will be gone. Next month there will be new choices.
Of course you have to qualify for one of those short-lived dealer incentive loans - almost always restricted to holders of high FICO scores (think 750 and up) - and, incidentally, know these deals are contrived to move surplus iron. That is not to say the cars are the automotive equivalent of orange ties in the men’s wear section. But they have not exactly flown off the lot, and so the manufacturer, with cooperating dealers, has decided to move that inventory with interest rate offers that are outstanding.
Maggie Cassella is a former lawyer, stand-up comedian, writer and American-Canadian actress who hosted the Canadian talk show television series Because I Said So.
Her double degree in philosophy and women's studies led her to a position at a private boarding school in Connecticut teaching philosophy and religion. Finding that a private school...