When are car loan rates the lowest?

"I want to buy a vehicle, and I've heard that car loan rates can drop at certain times of the year. When are they at their lowest?"

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Eric Schad
Answered on Jul 27, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“Generally speaking, car loan interest rates fall gradually throughout the year.
From January to December, the average car loan rate falls about 1.5%, so that should give you some idea of when to buy. You’ll also get better deals on new cars in December as dealers try to clear out the last year’s inventory.
You should also keep an eye out for car loan specials that lenders have throughout the year. During the Fourth of July, Memorial Day, and Labor Day, many lenders offer promotional APRs, so it may be worth your time to buy during these holidays.”
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