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The Best Time to Buy a Car

If you’re thinking about buying a car sometime in the near future, you might want to consider expediting your purchase. The best time to buy a car is now.

It’s a good time to be in the market for a new car – especially if you plan to finance the purchase, as nine out of 10 Americans do. Buyers with good credit can take advantage of some very low interest rates.

Rates for new and used car loans are at “their lowest point in the past few years,” according to a new survey of 157 lenders by the website WalletHub. The average interest rate for new-car loans is currently 4.29 percent and 4.96 percent for used cars.

Their 2015 Auto Financing Report also found that interest rates vary greatly from lender to lender – so it really pays to shop for that money.

“People in the market for a new car should start their search for financing with the manufacturer,” said WalletHub’s Jill Gonzalez. “Car manufacturers are pumping out vehicles in record numbers and they’re really pushing lower interest rates to stimulate sales.”

WalletHub found that the average loan from the manufacturer is currently about 35 percent below the national average. Car loans at credit unions are 25 percent below average, national banks are roughly average and regional banks are 40 percent above average.

The manufacturers currently offering the lowest financing rates, based on this survey are: Nissan, Toyota and Chrysler.

Jack Gillis, author of The Car Book 2015, cautions buyers that the financing arranged through a dealer may be higher than what’s offered from the manufacturer.

“Often the low interest rates advertised by dealers require extraordinarily high credit ratings and sometimes are accompanied by extra fees,” Gillis told NBC News. “Before you talk financing with the dealer, check with your credit union and banks to see what they offer. It’s the only way to know if the dealers’ financing is a good deal.”

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