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We are about to buy a new car, should we wait a bit to see whether auto loan rates go down? Thanks!
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What is a good or average interest rate on an auto loan?
For a brand new car that is. I know it depends on your credit, so please don't give me that answer. Still, even with good credit or average credit, how do I know the average interest rate for auto loan unless someone tells me please.
the diff in good credit 3.9 %-7 % great credit 0-3%
or not so good credit 8-15% it really makes a big diff especially if your going new car. diffs in pmt could be
280-450.$ just from a higher rate
It is basically the demand cycle in your economy of automobiles. If people are buying a lot of cars , you can tend to see a high in future interest rates n vice versa. Apart from that , a major factor is the federal reserve and their policies as they control the interest rates.
When I got my auto, I had good credit, interest rates were low-6.9% Now my credit isnt good, I relied on credit cards to help me out & I am going to get approved for auto loan, but the int. rate is 17.9%. How long after improving my credit will it take to get a good score again? Could I refinance my auto loan in 3 months if I pay down on cards (I'm owed quite a bit of money for being a subcontractor--just not sure "when" it's going to be paid). If everyone paid what they owe me today, I'd be $9,000.00 better off, and I'd have my credit cards at zero balance. However, I do need a reliable vehicle to get to and from work, and this new one would ensure no worries (w/ optional extended warranty) If I keep driving the vehicle I have now & any unexpected repairs are needed, I may be putting money into it along with monthly payments. I plan on paying off new one in 14 months. But the interest on that would be $5,000. Pay off $11,000 loan in 1 year, or go w/ new loan/safety of auto??
Just today I bought a 2001 Mazda MPV van with 88000 miles for 4000. Lot and list is around 7000. I did this by not having a car payment. I drew a line in the sand that I would not owe on my vehicles.
I hated the idea that if I couldn't work that someone could come to my house and take my car from me. I originally had a car payment. I sold that car and with a little savings bought a little better car for cash. So instead of paying a car payment I saved that payment. That allowed me to have cash on hand to pay for the small repairs and even major ones without it being a crisis.
So here I am sitting on that car payment savings looking for a deal. So I pick up the 2001 for 4000 sell my car for 2000 and that gives me a 2001 vehicle for net of only 2000 dollars on the purchase price.
Since you are a contracter take a second and look at the depreciation that you are taking on your vehicles. That depreciation is cutting into your take home pay. You have already lost 6000 on the first vehicle. The next vehicle you will probably lose at least 5000 in interest plus 5000 in depreciation in one year. That is ten-thousand dollar loss in your balance sheet. With 10,000 dollars cash you could by a nice car. Put back in savings that 400 a month to pay for repairs and savings for your next car. A 10,000 car shouldn't have many problems so in a year you would have 4800 in cash sell yours for 9000 and buy a 13000 car. All in cash, no payments, no rollovers next year. No worrys about credit ratings and trade ins. As for as new vehicles not needing repairs take a look in the dealers shop next time your in there and see how many late models are in there. Good luck.
Looing for a used car for my son. What auto loan interest rate can I expect?
My credit is good, and I've had the same job for 19 years
So no one can give me a ball park figure? Maybe a high and low estimate
Auto finance is what I do for a living and with the limited amount of information you have provided there is no one here that can answer your question.
I can however tell you what auto loans are based on;
!. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time at residence.
7. Time on job.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
Depending on how the above numbers are submitted to the lenders will determine your interest rate.
Good luck.
I'm planning to buy a 2005 Nissan Altima for $8500. The dealership is still running through their banks to find out what my payments would be and stuff. I'm also checking with my own banks, and my parent's credit union to see what I can get. I really have no idea what I should be looking for in an interest rate. I don't know what's too high, or what is ideal. Of course I'm going to go with whatever is lowest out of the banks, but I want to know what to expect before I sign those papers. What should I expect for an interest rate? I owe almost $3000 on my credit cards. I have a $5000 student loan that I haven't started paying yet (because I'm not done with school) and my credit score is almost 650. What's a good rate and what should I expect?
i think you are better off getting a personal loan rather than an auto loan as the interest rates are usually lower. Get all information about it at: http://www.credit-card-forums.com/thread/1878
Bad Credit Auto Loan – Get a Low Rate Car Loan in 2010 Subprime Blogger (blog)
If your credit score is well below 650 and you have missed bill payments in the recent past then bad credit lenders are to consider you a huge risk. The more risk involved with your borrowing of money means that you are going to pay a much higher interest rate on your loan. The only way that you could reduce this interest rate is to make sure that your credit score is increasing.
The best way to make sure your credit score is increasing is to make sure all your bills are paid on time and in full. If you have recently missed a bill payment it is going to take you several months of making that payment on time to erase your missed payment. It is very important that you sit down and make sure every single one of your bills are paid on time. This may take several months and possibly even several years to build your credit but it will be worth it in the long run.
By doing some google searches you are likely to find many auto loan lenders out there that are willing to help you even if you have bad credit. Just because they’re willing to help you doesn’t mean that they are going to give you a low interest rate on your car loan. Most of these lenders are going to negotiate with you a rate that is reflective of your credit score. It is important you understand that before you go into this process.
Student Consolidation Loan Interest Rates.
This only implies that if you can get a few loans in the course of your studies, you are responsible to pay payments of different amounts due to the assorted IRs.
Such rates aren’t fixed and are in truth on an unstable rise and fall yearly, depending on the condition of the economy. And because more frequently than not the IRs climb up, it is a good idea to just combine your school obligations and instead get student consolidation loans. When you decide to consolidate student loans, this allows for your interest rates to be locked at this rates of the loan. Essentially all the varsity loans that you have taken out from assorted banks or loan corporations are regarded as a genuine burden.
Once varsity borrowers can combine their multiple loans, they arrive at new student consolidation loans, which come from a single lending company instead of the common many .
With varsity tuitions gradually rising, more folks are not able to pay for post-secondary education out of their own pockets. With a school-consolidation loan, you may be in a position to pay off your present student loans from the credit you will receive from the new loan. This is because of the fact that, in all chance, it’ll take you at least a few years to be ready to pay off your loans. Another great benefit of a consolidation loan is the incontrovertible fact that you may don’t have to cope with multiple minimum payments.
This may be hard to manage, particularly if you have eight different payments to make, all at different times of the month.
With one simple bill, you are a lot less certain to forget a payment and will be in a position to budget your earnings that way easier. With Fed loans, the largest advantage of consolidating is the fact that just about all Fed. loans do not have a fixed rate of interest. Consolidating will lock you onto a single IR, thus saving you money when that lower Fed. student loan rate of interest fluctuates to the high side.
...News
Payday loan interest rates remain uncapped Montana Kaimin- Feb 25, 2009
Payday loan interest rates remain uncappedMontana Kaimin, MTBill Wilson, D-Great Falls, would limit interest rates to 36 percent on both payday and auto loans. The bill was tabled in the House Business and Labor committee on a party-line vote, 9–9. It would need 60 votes from House representatives to force it- Feb 25, 2009
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Boston GlobeFord, Mulally Cut Pay; Salaried Workers Forgo Bonuses (Correct)BloombergLocal officers of the United Auto Workers, the automaker’s biggest union, also yesterday approved concessions and set March 9 as a target date to get approval from rank-and-file members. The concessions include buyouts worth as much as $75000 and cuts How long until Ford also needs bailout? Top Ford execs take pay cuts, more buyouts offered
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S.African government, car sector to discuss loan packageReutersCar industry representatives said this month they were looking for loans at low interest rates to help with cashflow. Component manufacturers said they needed at least 10 billion rand in loans. "The meeting with the minister (Mandisi Mpahlwa) and the
