Payday Loan Fairy

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

2007-08-10 15:07:56 by Lana H

autoloans1.info Auto Loan Rate,Auto Loan Refinancing,Used Auto Loan,Auto Loan Quotes,Auto Loan Interest,Auto Loan For People With Bad Credit,Auto ...

I am looking for a car loan and I am wondering which company will give me the best auto loan rate?

It all depends on your credit rating. If you have good credit, you should consider Capital One Auto Finance who is known for their competitive auto loan rates. If you have fair credit, consider Roadloans. Also inquire with your bank or credit union since they may overlook some minor blemishes on your credit report. If you have poor credit, your options to get pre-approved prior to going into the dealership will be limited and you'll probably have to rely on the dealer's finance manager to get your approved through their in-house lenders.

2008-02-03 13:36:52 by Jadana

I have a project it it says..
"Create a compound interest equation (exponential growth) for the auto loan of your car. This auto loan will be for 60 months using the current national auto loan rate average..." I'm soo confused right now.. any help would do good..

Around 7.5% -- 7.9%. Since it is an average, it changes every day. And how do you factor in the zero % loans on new Ford and GM cars. The car loans are usually 3,5,7 years long. Almost all interest in the first months..

2009-01-04 12:26:48 by Rickmasta

We are about to buy a new car, should we wait a bit to see whether auto loan rates go down? Thanks!

2007-09-18 12:37:06 by alcolmx

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.

2008-05-12 08:51:18 by jumpman1981

I'm taking out an auto loan for $32,000. My credit union has offered me 5.5% for 72 months. Is that a good rate? I have looked at several other places and they all want a minimum of 6.9%. My rate seems too good to be true. Is it?

By the way, I have excellent credit (FICO over 800 with NO debt).

Thanks!
It's a new car, but the there are no special financing offers because it's in high demand. I've read all of the fine print, and it seems fine. It's 5.5% 72 months and the payments are $510.?? a month.
Actually Kate, the insurance is quite low. And $500 is high for a car payment??? That't not even 10% of our monthly income (and we have no other bills. Not even house payments) I think we can swing it.
We don't want to pay cash on it because we are actually making more than 5.5% on our investments. That and we can still invest what we do, and pay almost triple the monthly payment and have it payed off quick. We've spoken to our financial advisor about it.

KUDOS to you for such a great credit score! Yes, 5.5% is a good rate however, it is for 72 months. Do you have the option of paying extra each month so that you can pay it off earlier? Are you required to keep a certain balance in your savings/checking inorder to keep this rate? Most credit unions offer lower interest rates however, many times thay come with strings atached.

Is the 6.9% based on 72 months as well? If not you are comparing apples to oranges. What are the details of the financing package, how do they comapre with the credit unions?

Just a few things to consider before you sign on the dotted line.

Best of Luck

2007-09-07 18:05:35 by fartjuice