Even with the Fed holding steady on interest rates, car shoppers will like what they see when it comes to auto loans. But they had better move fast.

Thanks to the cut in the Fed funds rate in June of last year and the lack of movement since, you'll keep more money in your pocket if you're in the market for a new-vehicle loan, and you might find a better deal if you're shopping for a used car.

Auto shoppers this autumn might not be as lucky. The Fed is expected to increase interest rates at its August meeting. So you may want to shop sooner rather than later for that new car.

Bankrate.com research shows that interest rates on new-car loans tend to shift in lock step with the prime rate, which moves up and down with the rates set by the Fed. Used-car rates make the same moves, but tend to lag several months behind.

But not all new-car loans are tied to the prime rate.

Automakers want to keep their factories running, so they'll often have their own lenders, such as Ford Motor Credit and General Motors Acceptance Corp., make rock-bottom financing deals. They'd rather lose money on the loans than suffer the losses associated with shutting down plants.

Best moves now:
If you're arranging financing for a new car, see what the dealer has to offer. It may make a better deal in an attempt to keep vehicles moving off the lot. Discount financing deals ranging from zero percent to less than 5 percent are widespread.

If you have a car loan, it may be worthwhile to consider refinancing.

Rates on 48-month new-car loans averaged 7.27 percent April 28, while rates on used-car three-year loans averaged 8.29 percent.

Search for car loans in your area.