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Upgrade Your Ride While Interest Rates Are Low

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On: Fri, May 22, 2015 at 9:51AM | By: Gary P Garry


Upgrade Your Ride While Interest Rates Are Low

They say that timing is everything, and this dynamic can have sweeping implications. You can enjoy more opportunities if you strike while the iron is hot, and this certainly enters the equation when you are thinking about buying a new car.

Now that we are entering the warmer months, there is a sense of renewal in the air. You come out of the cocoon of winter and feel a sense of newness and invigoration. This can get you to thinking about heading over to a dealership to see what they have to offer this year. After all, when you wake up on a sunny Saturday morning and you look out at your old car, the prospect of a new ride can be quite enticing. If you are in the right position, you can find yourself in a new car later in the day as you head out to dinner with your significant other.

No one wants to settle for less than they really want, but we all have economic realities to contend with. The interest rate that you pay when you buy a new car is a very big factor. If you can get a low rate, your payments will be lower, and you can ultimately afford to drive a better car.

Interest rates have been low for a number of years, but they are in a very good spot right now if you have good credit. There are a number of different companies that are actually offering interest-free loans at the present time. These would include Ford, Toyota, Cadillac, Volkswagen, Nissan, Dodge, and Kia. This is an extraordinary opportunity, and there are other companies that are offering very low interest rates. For example, Honda and BMW are offering .09 percent rates, and Acura, Infiniti, and Chrysler are offering 1.9 percent financing deals.

When you pay significant interest, you don't make much of a dent in the principal for the first couple of years. The ability to buy a better car is one benefit, but these low interest rates are beneficial on another level, because you own more of the car sooner.

We should point out the fact that you do need excellent credit if you want to take advantage of these opportunities. Experts expect the Federal Reserve to raise interest rates in the near future, so you may want to take action sooner rather than later if you can qualify for a low rate.

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