Dear EchoBay Expert:

Dear Loyal Reader: It is nearly impossible to predict when dealers will offer low auto loan interest rates. But there are several factors that can affect it. These special financing offers are usually offered on slower moving models.

If the car is less in demand, the dealer will be more likely to offer a special financing rate to move the car off of his lot. If the car is in high demand, it is best to wait until demand lessens or check rates through other avenues such as your bank, credit union or online.

Second, sometimes there are special interest rates offered directly from the manufacturer. This is most common for the current year model when next year's models are arriving on the lot. At this time, the dealer is anxious to make room for newer inventory.

Finally, the fluctuating rates could be due to rate wars between manufacturers or other dealers. If the dealer down the street is offering 0% financing, your dealer may do what he can to match the rate so he can keep the business. As you've seen, the rates can fluctuate often.

Practice a little patience and wait for a low interest rate deal to roll around before you take the plunge to buy a new vehicle.

Dear EchoBay Expert:

Dear Loyal Reader: This is a tough situation but you do still have some options. First, you can try to sell the car. Be sure to do this yourself as you could get more for you car. Your second option is to investigate car loan refinancing to get a lower rate that could in turn reduce your payment. You could also refinance your auto loan for a longer term, which can also lower your payment.

If you cannot make the payment and the other options have not worked, go see your current lender and discuss your options with them. Even if your only option is to turn the car back in, it will be viewed much more favorably by your lender if you approach them rather than them having to go through the time and expense of repossessing your car.

Also, if you have a good track record with your lender, they may be able to work out a deal with you so you can keep you car and just pay what you can on your car until you find a new job. Regardless of what you decide to do, communication with your lender is key.