HOUSTON – It's homework time for 7-year-old Jeremy Silver and his father Rob Silver, and the subject is math. Rob Silver loves helping his son, but lately he has been doing some math of his own.
He realizes with his young family growing, he's going to need a new car in the near future.
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"I think we're going to get a minivan. We're going to hopefully have our third child in the near future," Rob Silver said.
Rob Silver, who lives in Meyerland, isn't the only one looking to buy a new car. This summer, auto sales have soared in the U.S. with dealerships selling more than 17 million cars a month for the last three months straight for the first time in 15 years.
All of which is helping to make the automotive loans business in this country incredibly competitive and is driving auto loan interest rates lower than ever before, according to Bankrate.com's Greg McBride.
"If you are shopping around for an auto loan, you're going to find the lowest interest rates you've ever seen. The landscape is better now than we've ever seen," McBride said.
To find the lowest rates on auto loans out there, Rob Silver has spent lots of time scouring the Internet. But there are actually many different sites, like Bankrate.com, where you can compare dozens of banks and credit unions at the same time on prices for auto loans, just searching the Internet for the cheapest plane fare.
Below are two websites where you can search for the lowest auto loan rates available in this country. Remember, experts say don't get too hung-up on where these lenders are located.
Websites to search for lowest auto loan rates: Bankrate.com | Lendingtree.com
To get the best deal on auto loans, McBride advises all of us to cast a wide net and look for the lowest rates available nationwide.