Are you in the market and planning to get your new car? If this is the case, the better read this latest news report on the current auto financing rate that you will meet after you made the handshake with the seller.

Based on many reports, the interest rates that are being granted right now by many firms are hitting a new low for the month of March. The average percentage for this month was pegged at 2.74 percent and this figure then rose to 2.79 percent. The information was based on the survey that was conducted by the SubPrime Auto Finance News. On the same report, it was added that the increase of the rate was deemed small but this was considered as suggestive of future rates. The auto financing rate is not the only figure that increase, as the amount finance on the loans also increased too and this time the figures stood at $27,999 for March and April netted $28,115. The increase can be attributed to the slow yet improving car sales. Improving car sales could be beneficial not only to this sector, but also to the sectors linked to the industry.

Another measurement that is often checked when analyzing the industry of car sales and auto financing rate is the average loan to value ratio. This will refer to the total loaned amount by a shopper to the value of the car. The ratio currently stands at 89 on the same time, from March to April. This only means that the average loan of the car shopper stands at 89 percent of the total value of the car. So if the car is priced at $100, then the loaned amount by the average shopper is $89.00. So what do these figures mean for the average car shopper? This only mean one thing, if you are planning to get a new car and you are thinking of finding a highly competitive auto financing rate, then now is the best time to act. The auto financing rate is low, and you can also get new car incentives from interested dealers.