Just wondering what is considered a good to great interest rate on a new auto loan? I know there's some variables involved but do credit unions usually have the best rates?

0 %

i'd love to get mine down to 0%.....sadly i missed that boat with my truck purchase....darn lack of incentives on leftovers......

but yes 0% is a good rate but that can run anywhere from 0% to 29% depending on where you go.

i am at 14.49 myself (bad, but not horrible for my credit situation)

I don't know if they're still offering it, but Ford Motor Credit was offering 0% on certian models a while back.

Thanks everyone for the responses. Does anyone know what kind of interest rates credit unions give? I'm thinking of joining one where I live.

If you look in the reading and resource section of this forum in the bank rate sticky I have a fair number of credit union rates posted.

I don't think it's as simple as just finding a good rate. In my case, it was better for me to finance outside of the zero percent. When I purchased my Focus, I qualified for the Ford Motor Credit 0% financing. But at the time, I couldn't get the rebate with the financing. It's one or the other. So when I ran the numbers, I took the rebate and financed through my credit union at 4.99%. Since I don't have a pre-payment penalty with my credit union, I'm on track to pay off the car note in a year in a half....which further increases the savings over just going for the zero percent financing.

My daughter turned 22 this week and bought herself a 2007 Honda Element. It's her first auto purchase, she has a 719 FICO on Experian and American Honda Finance gave her 7.9% on it.

Fresh BK and 6.24% with USAA