Print Friendly and PDF
Five big banks to pay $5.4 billion in fines for market manipulation
What to buy and not buy at Memorial Day sales

Will you be shopping for a car at Memorial Day sales?

Source: WalletHub

With interest rates and gas prices low and the average vehicle being more than 11 years old, some consumers may be looking for a bargain during this year’s Memorial Day sales.

In order to help consumers find the best deals in financing, WalletHub has released the latest installment of its 2015 Auto Financing Report. It analyzes auto loan and lease offers from more than 150 companies and financial institutions offering the loans.

Among its findings:
  • Interest rates for new cars are at the lowest point in three years, with the average new car loan now charging 17 percent less interest than the average used car loan.

  • Overall, buyers who have fair credit will end up spending about four-and-a-half times more to finance a vehicle than someone with excellent credit, which equates to about $5,300 in additional interest payments over the life of a $20,000, five-year loan.
  • People in the market for a new car should start their search for financing with car manufacturers, rates 49 percent below average, and credit unions, 23 percent below average. National banks,10 percent above average, and regional banks, 43 percent above average, should be secondary options.

  • Car manufacturers continue to lack transparency when it comes to leasing offers, with the average a WalletHub Transparency Score of 3 9/10 out of 10.
  • Toyota, Volkswagen, Kia, Ford, Dodge, Nissan, and Cadillac offer the lowest financing rates of the major car manufacturers surveyed. Volvo, Audi, Ford, and Toyota have the best leasing offers

To read the report, visit: 

Copyright 2015, Rita R. Robison, Consumer Specialist


Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)