Consumers may be better off buying cars now as a new study found that the average automobile finance rate dipped to 4.4 percent in March, the lowest rate in the last eight years.

Edmunds.com said Toyota has the lowest average finance rate at 1.9 percent, followed by Mazda (2.5 percent) and Mercury (3.3 percent). Kia claimed the spot with the highest interest rate in March at 7.1 percent.

“Low interest financing is compelling for consumers because those who qualify often enjoy greater savings than they would get from a cash-back offer,” said Jessica Caldwell, a senior analyst at Edmunds.com.

In other trends, Edmunds.com reported that of all luxury brands BMW had the highest average down payment, $13,614, and the shortest average loan term, 52.4 months. Subaru took this spot in the non-luxury category with an average loan term of 60.9 months and highest down payment of $3,911.

Dodge had the industry’s longest average loan term, 67 months, followed by Chevrolet at 66.6 months and Hyundai and Kia at 66.1 months. Scion buyers financed the lowest average dollar amount, $18,978, and the lowest average monthly payment, $348.