Will today's Fed rate cut lower auto loan interest rates?

We are about to buy a new car, should we wait a bit to see whether auto loan rates go down? Thanks!

Will today's Fed rate cut lower auto loan interest rates?
Yes banks "usually" follow the fed rate
Reply:There are many auto loan options available today. Today, stiff competition among auto loan financing companies%26lt;!--has made it possible to get a car loan or an auto loan at favorable terms.





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However, before you sign the paper for financing your favorite set of wheels, do your homework to ensure that you get the best car--%26gt;finance option. You can apply for online car loans on the Internet, or get it from your car dealer.
Reply:It's a toss up. Though the fed rate has dropped, it's only one half of a percent, which is very slight. Also, some banks may follow the fed rate, but more often than not, banks follow what the other banks around them are doing. That being said, it depends more on the bank, and the specific market you're in than what the fed is doing.
Reply:The short answer, is retail rates should edge downward in the next couple months. But the difference in a half point apr on an auto loan is probably less than you think it is, on your payment.