We publish an auto lender review guide to help buyers see current rates from top nationwide lenders.
For your convenience, here is data on what rates looked like across Q2 of 2022.
|Super Prime||781 - 850||2.96%||3.68%|
|Prime||661 - 780||4.03%||5.53%|
|Nonprime||601 - 660||6.57%||10.33%|
|Subprime||501 - 600||9.75%||16.85%|
|Deep Subprime||300 - 500||12.84%||20.43%|
Source: Experian 2022 Q2 data, published in August of 2022
For historical comparison, here is what the data looked like in Q1 of 2020 as the COVID-19 crisis spread across the United States.
|Super Prime||720 or higher||3.65%||4.29%|
|Prime||660 - 719||4.68%||6.04%|
|Nonprime||620 - 659||7.65%||11.26%|
|Subprime||580 - 619||11.92%||17.74%|
|Deep Subprime||579 or lower||14.39%||20.45%|
Source: Experian 2020 Q1 data, published on August 16, 2020
Across the industry, on average automotive dealers make more money selling loans at inflated rates than they make from selling cars. Before you sign a loan agreement with a dealership you should contact a community credit union or bank and see how they compare. You can often save thousands of dollars by getting a quote from a trusted financial institution instead of going with the hard sell financing you will get at an auto dealership.
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The high cost of gas is of great concern to nearly every driver, yet it is the price one pays for personal mobility and independence. While consumers cannot control the price that has to be paid at the gas pump, there are numerous steps that they can take to make sure that each tank of gas goes a long way, both distance-wise and financially.
According to the Federal Trade Commission, drivers can make each tank of gas go further -- thus saving money -- by adjusting their driving habits and by making use of the following tips. These tips have been proven to increase fuel-efficiency and reduce gas consumption.
Lighten the load: Additional poundage in the trunk increases gas consumption. A car gets greater fuel efficiency when it does not have to carry excess weight, thus saving money.
Make sure all of the tires are correctly aligned and properly inflated. Doing so will boost the car’s performance and improve fuel-efficiency.
Some very simple steps can dramatically impact the amount of fuel that a car uses.
Drivers who adhere to the following driving practices will save gas dollars:
Telecommuting just one or two days a week is an excellent way to save gas dollars. The savings will mount considerably over the course of a year.
A great deal of shopping can be conducted online: This eliminates the need to drive in long, slow-moving lines of traffic and driving around for parking spaces. Gas consumption will be reduced markedly. Many online sites offer free shipping both ways, which saves even more money. It is even possible to comparison-shop online before making a direct beeline to the store that offers the best deal. This prevents a great deal of driving from shop to shop.
It might be tempting to purchase any one of the number of gas-saving devices that are aimed at motorists, but caution should be exercised.
Ultimately, the best course of action for saving money on gas is to follow as many of the given tips as possible. As drivers incorporate more of the tips into their daily driving habits, they will reap greater savings at the gas pump -- and the savings will be compounded over time.