It's a great time to buy a car

A combination of factors are working to your advantage

Let's start with interest rates, as the Federal Reserve cut them to stimulate the economy. When the recession eases and the economy picks back up, interest rates will go up, too.

Then let's look at cars, better built and longer-lasting than ever. Even American cars are doing well in long-term reliability. Twenty years ago, you'd have been crazy to buy a five-year-old car; nowdays a 10-year-old Lexus will report fewer problems than an 06 Volkwagen.

Now let's look at sales in the auto industry, where dealers accustomed to selling 15 million cars a year are looking at selling around 10 million vehicles in 2010. Dealers are in a fight for survival. Prices barely budged between 2009 and 2010 models, and there are all kinds of discounts and incentives out there.

And finally, let's look at what happens to bad credit auto loan customers. They used to fear a hassle at a dealership. Nowadays, dealers need all the customers they can get. Better yet, you're not alone if you have a credit ding. Dealers see more and more iffy credit all the time, and are getting more experience in shopping the right loan to the right bank. Experts say 43 percent -- nearly half -- of all U.S. car loans are held by less-than-prime credit customers, so if you have a credit ding, you are not alone.