The best time to take that car finance scheme

May 31 2010 With the government maintaining a benign interest rate regime, you as a customer should take full advantage of it and take the car loan you have always wanted so that you can lock in the low interest rate for now. The interest rates may be hiked any time now with the economy slowly showing signs of stability. The central bank may therefore not feel the need to maintain this low interest rate regime and would start withdrawing the stimulus packages offered to various industries such as the auto industry gradually.
Car sales are showing improvement and when the interest rates do go up, it can make a difference in the overall amount you end up paying through the tenure of the loan. Remember that even if you can save $50 a month, it translates into a saving of $3000 over five years, which is typical car loan tenure.
So be aggressive in reaching out to different car loan lenders, compare the rates offered and negotiate hard. The recessionary times have led to many lenders actively looking for business and you would find many of them willing to provide loans at rates that would be convenient for you.

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