The Federal Reserve lowered interest rates today by a quarter of a point to 2%. Don’t expect the rate to go lower any time soon though, as the Fed has indicated that rates will remain steady for a while.So who does this rate cut affect? If you have fabulous credit, then listen up. You can get in on this lower rate because of your great credit score. Auto loan interest rates for you are very attractive because they are at record lows right now.
Don’t have a high credit score? Sorry, but you are still likely to get a higher rate. Pull your credit report and get rid of any inaccuracies. Get your FICO score as high as possible and then take advantage of the new lower rate if you can.
Will this new rate cut help the auto industry’s falling sales? Will it give car shoppers a good enough reason to buy a vehicle now, when people are so afraid to make a big purchase in wake of a shaky economy?
Bankrate.com goes into more detail on the rate drop and explains how this affects auto loan shoppers.