What to do after the Fed's moves

Auto loans

Shopping for an auto loan is the same no matter what the Fed does. To get the best deal, show up with a very good credit score and shop around.

Randy Ellsperman, chief financial officer at FirstAgain.com, an Internet-based lender, suggests checking online before going to the brick-and-mortar banks.

Though slightly self-serving, it's good advice no matter which online lender you decide to visit. The applications are quick and offer an almost instant answer for borrowers.

"Determine what your options are. Don't just go to one bank, don't just go to the dealership and take their interest rate," says Ellsperman.

"You would be forearmed to know what your options are, and a lot of companies will approve you prior to completing the auto transaction, so then you have at least one benchmark," he says.

Online or otherwise, an excellent credit score will net the best loan but a hefty down payment will also help.

Buyers with less than perfect credit reports will almost definitely need to put down a significant down payment. To find out how a down payment will affect your monthly payments, use this Bankrate calculator.

Take-away

Just like getting pre-qualified for a mortgage, shopping first for the loan will allow buyers to get an idea of the rates available to them as well as the amount of money a lender is willing to offer.

"The whole auto purchase is an exciting and emotional process. It's going to be one of the largest purchases someone makes," says Mike Celuch, chief financial officer of Paragon Federal Credit Union in New Jersey.

"That's why it's better to take time to know what rate they can qualify for and how much they can actually afford before they get too excited or emotional. At the dealer they will be a lot more comfortable making the purchasing decision on that car," he says.

-- Sheyna Steiner