In September, the Federal Reserve lowered its benchmark interest rate by half a percentage point. This was then followed by a quarter-point rate cut in November.

The bad news about the Fed’s rate cuts is that they could lead to lower rates on savings accounts and CDs. So if you have money to invest in a particular CD, you might want to open one today. Check out this list of the best CD prices to get started.

But the Fed’s rate cuts could be good news for borrowers. In the coming months, we may see borrowing rates fall, making a variety of financial products more affordable. If you’ve been putting off buying a car, now might be a good time to start looking.

Car prices are high, but they are slowly falling

In September, the average transaction price for a new vehicle in the United States was $48,397, according to Kelley Blue Book data. This is a decrease of 0.4% from the previous year, which is only a modest decrease, but a decrease nonetheless.

Of course, nothing says you have to buy a new vehicle. You could save a lot of money by buying a used one. Likewise, ignoring some added features could help you keep the price of a new car more affordable. And if you can get a competitive interest rate on a car loan, you may find that a new car fits right into your budget.

How to get a good car loan rate

The lower the interest rate on your car loan, the more savings you can make. Shop around with different lenders to see what financing options they offer. You can get started with this list of the best car lenders.

Another thing that pays to do is work on improving your credit score. The higher this number, the more affordable the car loan you could get.

There are several ways to improve your credit score, but some take more time than others. Your payment history carries more weight than any other factor in calculating your credit score, but it can take months to improve.

How to Quickly Increase Your Credit Score

For faster results, try paying off some of your credit card debt. Also check your credit report for errors.

Specifically, pull a copy of your credit report from each of the three reporting bureaus – Experian, Equifax and TransUnion – because they are not all guaranteed to have the same information. If you notice an error that presents you in a less favorable light, such as defaulting on a debt on which you are actually current, contact the appraisal office immediately and try to rectify the situation. You can now access a free copy of your report from each credit bureau once a week through annualcreditreport.com.

Since car prices are still quite high and car loan rates are also somewhat high, this is not necessarily the case. best It’s time to buy a car for yourself. But it’s not a terrible time either. And in the coming months, auto loan rates could fall even further, especially if the Fed makes more rate cuts as it is expected to do.

If a new car can improve your quality of life, it’s not a bad idea to start looking. Just try to make sure your credit score is in good shape first.