I bought my car back in October and missed the 3.9% apr rate by a week. No need to say I was a bit annoyed. However my rate isn't to shabby at 5.09%. With all of the fed rate cuts can I expect to get a better rate soon?

 

No, it really does not make sense for a bank to finance anything under 5%. With rates dropping as fast as they have been all the banks are under a margin crunch. You won't see loan rates drop in lock step with the fed for things like auto/personal loans. Products like equity loans that are based on prime are a different story, but again your not seeing anything under 5% there either.

 

With all the rates down is there any way to get a lower rate than 5%? Thanks guys - I was looking at an interest table and 1% makes a huge difference. About 1k.