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True. Anything below 3.0 is a good rate actually for a 60 month loan. I actually thought the 1.57% had a catch, but after reading the loan agreement thoroughly I signed quickly. My entire interest payout over five years is $1,108.00., or about $276.00 per year.
The previous post that referenced how each person's rate will vary depending on credit and disposable income is mostly true. But also a history of paying of car loans always on time or early over 25 years is probably a factor also. This is one of the best rates I have ever gotten, as the cars that manufacturerers have put 0.00% specials on in the past are not usually a car that I am interested in as they are quite often the most generic, boring cars that they make (not always but mostly). But then I don't like generic cars........as I used to call GM. (Generic Motors) but Honda, Toyota, GM, Ford and Chrysler (and some others) have a strong history of making generic cars for the masses.
If you can get a loan on a car that is in high demand and has to be ordered in many cases (not all) under 3.0% then you are getting a good rate based on your length of credit history.
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