2014 car loans are still a great option. If you are thinking about getting a new car, 2014 is a good year to take the plunge. 2014 Auto interest rates still remain low from last year. Although rates may rise, they aren’t expected to increase by much. Loan rates are expected to stay around 4 percent for new cars and right around 5 percent for used cars.
Take advantage of the low rates now
Interest rates are expect to increase towards the end of the year. Though the increase may not be extremely significant, any amount you can save on your interest rate is money saved over the life of your loan.
If you take out a $15,000 auto loan, for five years, at 5 percent interest rate, your monthly payment will fall around $283 a month for a total of $16,980 at the end of your loan. That same loan with a 4 percent interest rate will save you over $400 in interest over the course of your loan.
Low interest rates and bad credit
BlueSky Auto Finance knows that getting a car loan with bad credit can be difficult, but when you have bad credit, saving a little extra on your auto loans can go a long way in helping you rebuild your credit rating. An auto loan is a simple way to improve your credit score. Timely monthly payments help increase your credit rating.
If you have bad credit your interest rates may be slightly higher than average, but with industry-wide interest rates sitting on the low end, you can still expect an affordable car payment and fair interest rate.
With interest rates still very low, finding an auto loan you can afford is easier. BlueSky works closely with dealers who specialize in car loans for bad or no credit ratings. Don’t let a spotty credit rating deter you from trying to get a car loan. Talk to a BlueSky representative for more information on how we can help you get into a car quickly.
Make car shopping easier
You can take the driver’s seat when you buy a car by finding the right loan for you before you head to the car lot. Low interest rates and a preapproved loan give you more buying power when you find that car you want. You can save time by looking at the cars that fall within your budget and you won’t have to wait for approval once you make the final choice.
Lower interest rates mean lower monthly payments. The lower monthly payments may make it easier for you to take out a slightly larger loan so you can afford the perfect car. It’s possible that you could be approved for a higher amount of money than you planned because the monthly payments are low enough to fit within your budget. BlueSky Auto Finance can help you determine what low car loan rates you qualify for.
Interest rates are expected to continue to rise over the next several years as unemployment drops and the economy continues to improve. You can potentially save hundreds or even thousands of dollars by taking advantage of the low interest rates offered this year. Whether you are interested in a new or used car, check with BlueSky Auto to find out how much you can save when you buy a car this year. Apply now.