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4 min read Published March 22 2023
Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely taking out loans to purchase a car.







Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to take control of their finances by providing clear, well-researched information that break down complex topics into manageable bites.









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However, inflation and its impacts are likely to remain for a while. According to Bankrate's Third Quarterly , 43 % of the economists believe that inflation will be more significant over the next 12-to-18 months. Given that it's likely inflation will not yet reach its peak, it is an important time to prepare for its impacts -- one being higher interest rates. How the Fed influences auto loan rates
The Federal Reserve doesn't directly influence auto loan rates -- but it does affect the costs for lenders to lend money. An increase of the Fed rate usually means lenders will follow suit.


How inflation is affecting interest rates? Choices made from the Federal Reserve affect the which will have an impact in the price of car financing. The rates of a driver's loan depend on several variables -- such as a credit history duration, length of the term, car type, and so on -rising inflation will mean more expensive interest rates for those even with impeccable credit. "One one of the Federal Reserve's primary obligations is to maintain the purchasing power of its customers in check, and they do it by raising interest rates," says Sarah Foster, senior U.S. economic reporter for Bankrate. To accomplish this goal, the Fed raised rates again in March, setting the benchmark rate at 4.75-5 percent. This rise is in line with an already constrained car market, where supply chain issues continue to keep car prices at a high, with an average of $48,300 according to . This rise in interest rates makes it more expensive to borrow money, according to Foster. Which makes costs for financing for automobiles dramatically more expensive than it was in years prior. Since 2022's start, average vehicle interest rates have been rising: 1.77 percentage points for a 60-month new car loan or 1.78 percentage points to get a 48-month used loan in accordance with the Bankrate survey on national rates. Higher interest rates are just one result of the Feds policy to reduce inflation. "Higher cost of borrowing doesn't simply discourage spending, but also squeeze people out of being able purchase expensive items, which causes the economy to slow," Foster says. "The hopes are that, in the end, these more expensive rates will stifle demand so much that inflation will eventually fall," Foster says. But this wish does not come with risk "An economy that isn't able to consume often means a recession, which isn't fun for anybody." With this in mind, consumers will be faced with increased rates as the Fed continues to control high inflation. Now is the time to get ready for the increase in costs. The data comes taken from Bankrate
8/10/2022 rate for a 30-month new car loan
4.94%
10/12/2022 rate for a 30-month new car loan
5.56%
As you can see, rates have jumped significantly since August, in line with the Fed meeting. The increase could be due to the increase in the benchmark rate along with higher-priced vehicles. Keep up-to-date with changing news and how it affects your finances on . What can you do to find a good deal when interest rates are high Although the rate you get is contingent on a variety of factors, including the uncontrollable inflation rate, there are still moves that you can take in response to the decisions made to the Fed. Shop around Most lenders will have higher rates currently, but that doesn't negate the benefit of looking around. and terms from at least three lenders to determine which one is best for your needs. Take note of the APR available and the repayment term. Calculate the actual cost of ownership. car prices rise to record levels it is essential to concentrate on your budget when shopping. There isn't much room for error It is important to know what you can manage before heading to the dealership. So you can determine the amount you will require to borrow to purchase your new automobile. Tip from the Bankrate
Make sure you look at for the entire loan amount, not just the monthly payments. While it can be enticing to borrow a loan that has lower monthly cost however, it may be more expensive in the long run.


Think about an electric car price of the initial payment is typically more expensive, however they have additional advantages beyond the gas pump. If you apply for a loan and receiving you can make the money back that could be lost due to the higher interest rates. Secure your expected financing One of the most sure-fire methods to secure a great deal is to make an application for a loan which will give you an accurate understanding of what the expected rate will cost. Some lenders do not provide this service be sure to look for it when shopping around. Buy a used car Unfortunately, new and used vehicles both carry higher than usual rates at the moment, however used vehicles are a bit lower. If you are flexible regarding the kind of car you're looking for, it could save you money on the monthly costs. Refinancing your loan after rates fall One of the best times to consider the possibility of refinancing your auto loan will be when the rates have lowered and your credit score improved. It's pretty similar to the procedure you would follow in applying for your first loan. Evaluate current loan. Before you begin refinancing, it is first important to examine your current loan, both the terms and exact interest rates. Make use of this to assess your savings potential each month once you have those figures in your mind. Review your credit. Through understanding your credit score, you will find out where you are in relation to the lenders you can choose from. When it comes to refinancing -- just like with any loan -- the better your credit rating, the more favorable your rates will be. Find the value of your car. Depending on the value of your car, refinancing might not always be the best option for your financial situation. If you have almost finished paying off your vehicle but are not sure if it's a good idea to refinance. Look around. At least three lenders is crucial to negotiating a great deal. The best place to start would be the institution or lender which you agreed to with. There may be discounts for current customers. Though not all lenders let you refinance an existing loan. Receive new terms. After you have submitted the required documentation and in some instances paying a prepayment penalty, you will be able to receive new terms. When you close the chapter, this procedure, make sure you settle the previous lender. This isn't the best time to buy even though many people don't need to be waiting to buy a car, patience may be on your side in saving money right now. The likelihood of rising further after the next Fed meeting. This, along with the rising costs for vehicles make this a challenging time to buy. It is better to wait until rates fall. Find out more


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Authored by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She has a specialization in helping readers to navigate the ins and outs of securely taking out loans to purchase the car they want.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing concise, well-studied data that cuts otherwise complicated topics into bite-sized pieces.






Auto loans editor




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