New car financing is looking good

Car sales seem to be tipping in favor of the consumer right now. This, according to consumer researcher J-D Power.  But, you still have to be careful about what you get and who finances it.

It's never black and white. Most things are very gray, so let's help you navigate this new information. It's about more than just the question of whether you should buy a car but also, how do you buy it? 

WalletHub takes the consumer research you're talking about and puts it into news we can use. Here's a key finding: Interest rates for new car loans are at their lowest point in three years. The interest on a new car loan is now 12 percent less than the average used car loan.

According to WalletHub, that used car loan, even with excellent credit, is up 35 percent.  

New Car - down 12 percent
Used Car - up 35 percent

Now, if you're looking to get that new car, start first learning about financing. This will be the biggest money saver - more so than talking your salesman down on the price.

According to Wallethub, the best financing they say, right now is with the car manufacturer with offers 32 percent below the national average. Credit Unions are 16 percent better than the national average. But look there at banks - both regional and national - they are sitting above the national average for loan rates.

Car Manufacturer - 32 percent below
Credit Union - 16 percent below
Regional Bank - 12 percent above
National Bank - 16 percent above

I would still get qualified through a bank then go car shopping. You can always use it as a back up if you're not happy with the car maker's offer.