There is one more resource I should mention before I close. If you have a credit card or are a member of a group like USAA you might want to take the time to research the car loans they're offering. But here, more than anywhere else, you need to be aware that the rates you'll find listed on their websites are the optimal rates, offered to those with the best credit scores. The actual rate you're offered may be vastly different, depending on what sort of credit history you have. Since some of these companies are subprime lenders, the actual rate offered can be significantly higher.

Right now Capital One is offering 5.54% on a 48 or 60 month new car loan or 6.44% for a 66 or 72 month loan. Used vehicle loans are 6.44% for 48 or 60 months and 7.19% for a 66 or 72 month loan. They also state that with their "exclusive Blank Check you can negotiate like a cash buyer at any Franchised dealership." They then go on to define what a franchised dealership means. Essentially you can use this service if you buy your used car from a company on their list. If you're buying your mother in law's car, which you know for a fact she drove gently and is selling to you for a great deal, you're out of luck. By the way, despite their claim to exclusivity, I bought my current car through a similar program offered by my credit union. I didn't have to go to a seller on a list; I could have purchased my car from anyone.

Another avenue is any special group you may belong to. For instance USAA (United Services Automobile Association) is offering as low as 5.99%. This rate includes a discount for applying online and for setting up automatic payments. USAA also offers checking accounts and has terrific rates for car insurance, so setting up the automatic payments is fairly painless.

One final word of advice: filling out too many credit applications will adversely affect your credit score, making your numbers drop just when you need them most. Do your shopping before you fill out any applications and don't open any other accounts leading up to your purchase. If the nice lady at the Target offers you ten percent off your thirty dollar purchase just for applying for a Target card, tell her no thank you. You don't want that three dollar discount dinging your credit and costing you significantly more.