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Im planning on purchasing a car from a private party. The car costs $16,000 and i will be putting $13,000 down, so i need a $3000 dollar loan. The only issue is i am only 20 years old. My credit score is 743. How difficult will it be for me to get a car loan, and what kind of interest rate can i expect to get? Also i won't have a co-signer.
miniz1988, Get a free online auto loan quote. http://www.autoadviceonline.com/Auto-Loan.html The automated questionairre will let you know if you can be approved. It's free and you can get an answer in minutes.
This video is a tutorial video on bad credit car loan interest rate. With years of experience in automotive industry, I hope this video will be ...
We found out my car loan interest rate has to be lowered to 6% max since my husband is active duty.
You are talking about the Servicemembers relief act and No, it doesn't have to be lowered just because he joined the military.
6% Interest Rate.
If a service member’s military obligation has affected his/her ability to pay on financial obligations such as credit cards, loans, mortgages, etc., the service member can have his/her interest rate capped at 6% for the duration of the service member’s military obligation.
Qualifying debts are debts that were incurred by the service member, or the servicemember and their spouse, jointly, before coming on active duty. Debts entered into after going on active duty are not so protected.
Notice that this particular provision of the act only applies if a servicemember's military service affects their ability to pay. However, the burden is on the creditor to seek relief in court if the creditor believes that the service member’s military career does not materially affect his/her ability to pay. The creditor must comply, unless he/she gets a court-order stating otherwise.
In order for an obligation or liability of a servicemember to be subject to the interest rate limitation, the servicemember must provide to the creditor written notice and a copy of the military orders calling the servicemember to military service and any orders further extending military service, not later than 180 days after the date of the servicemember's termination or release from military service.
I have a credit score of 600 and I have had a car repossesion in the last 3 years.
I work in the car business as an F&I director...a 600 credit score is not too bad these days. You fall into the catagory between B and C paper. On a new car you should see rates some where along the lines of 8.5-13.5% X60 months a tad higher on 72 months. (keep in mind the fed has been raising rates for the past 5 or 6 meetings...again on monday.) On used probally 10.5%-14.5% depending on make and year. The main thing the banks will look at is how you have paid since the repo...sloppy or good will determine alot of things. Find a car you like new or used and check into rates in your area...examples from chicage metro market on forigen autos. Most importantly is $down not like $500 but like $1000-$3000 depending on the car will make banks MUCH more willing buy your paper. Also find a dealership in your area that specializes in secondary finance. STAY AWAY FROM THOSE LITTLE USED CAR LOTS (in house finance doesnt report to any credit companies (transunion equifax or experian)That wont help in the future.hope that helps
OK i am 18 and i am planning on purchasing an 08 Civic si coupe. MSRP: 21,500 will i be able to get a car loan since i have hardly any credit at all. also what will my interest rate be. if it helps im planning on putting 8000 down and i make roughly 1,600 a month
10%...5%...WHAT?! people were telling me it would be 20% and up did you guys forget im 18 and NO CREDIT
finance $17k at 9% for 60 months = $350 a month
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New or used car loans interest rates....
48 months
60 months
2006 and 2007 cars only
Your local credit union will have some of the best rates around.
www.creditunions.com
Yesterday, I went to Toyota dealership to look at cars. I was inquiring about Yaris (cca 14 K sticker price). They ran my credit report which showed Beacon score of 638. I am a first time buyer, so I probably should be happy they are even willing to give me loan without co-signer. But when I asked about the interest rate, it was about 13 percent! I would end up paying almost 180 percent on that little thing. Anyways, I applied for a loan at my credit union, just waiting for Monday for reply. Is this possibly the best deal I can get? Or can I get a lower APR somewhere else? How about banks? I'm also willing to go to Carmax, do they have any good loans on used cars? The dealer said my score is ok, but since my highest credit limit shows as $2,000 (secured loan from my credit union), that's why lower limit on a car.
638 is great for a first time buyer with no credit history most with late pays on utilitys and stuff are around 400-480 only 1 answer to that question toyota!!!! the dealer will always go with (well once you start making regular payment on time you can get a better rate BULLS#IT it will never change listen go thru GMAC even though its a toyota dealer it can still be financed thru them the dealer will always try to go thru toyota and there outrages.Your bank definitly wont be cheaper unless you got some big$$$$ there keep lookin or go back and tell them GMAC!!!!!
Bad Credit Auto Loan – Getting Low Interest Rate Car Loans in 2010 Subprime Blogger (blog)
There are many bad credit lenders that will be more than happy to help you go through the auto loan process. By simply doing some Google searches you are going to find a significant amount of these lenders that are marketing their services very hard. This means that they are willing to take the necessary steps to gain you as a new customer. Make sure to take advantage of this and contact several lenders.
The lowest interest rate you can receive for an auto loan is often from a car dealership. You have probably seen advertisements on the television and the Internet that state 2.9% financing rates on a new car. At the end of each of these commercials you will see a statement that these interest rates are only available to well qualified buyers. If you have a credit score under 620 you are not a well qualified buyer.
If you cannot receive financing through the car dealership you are going to have to seek other options. Some of these options include banks and bad credit lenders. You might be surprised to find that many personal and community banks will offer very competitive rates. Once again, your credit score will greatly determine this rate so do your best to increase your credit score as much as possible.
News
UBI lowers auto loan rates Economic Times- Feb 28, 2009
Calcutta TelegraphUBI lowers auto loan ratesEconomic Times, IndiaMUMBAI: Close on the heels of State Bank of India interest rate cut on housing and car loans, Union Bank of India has lowered its mortgage and auto loan rates. A statement issued by the bank said that it has reduces rates of interest on new Home loans More banks cut car, home loan rates UBI cuts new home, car loan rates; PNB pares car loan rates Union Bank, PNB cut rates on car, home loans
- Feb 28, 2009
Banks cut loan ratesThe Statesman, IndiaUBI said its new home loan rates will be available in the range of 9.75-10.75 per cent interest rate, while rates on new car loans are in the range of 11-11.25 per cent. Punjab National Bank, the country's second largest state-run lender,- Mar 01, 2009
Private banks fall in line to cut ratesmydigitalfc.com, IndiaThe government has been asking RBI to persuade banks to bring down interest rates, specially those on home, auto and secured personal loans for buying consumer durables to spur demand. These rates are now set to fall further. As a first step, SBI's new schemes attract consumers- Feb 27, 2009
Voice of AmericaObama's big plan - will it work?Chicago Sun-Times, United StatesIf you think that's complicated, wait until you get a look at the mortgage modification plan for people with subprime or exotic loans. Under this plan, the lender would have to reduce the interest rate until the monthly principal and interest payments HUD secretary, Congress debate foreclosure plans Will new housing aid plan help me? How Obama’s Program Can Save Your Home
- Feb 23, 2009
SBI Slashes Car Loan Interest Rate to 10% for a YearOutlook, IndiaThe State Bank of India (SBI) today announced slashing of its car loan interest rate to 10 per cent from an average of 11.5 per cent, and waiving off its car loan processing fee for a year. "We have decided to slash the car loan interest rate to 10 per SBI freezes car loan rates at 10% SBI slashes Car Loan Rate to 10 per cent for a year Car loans at 10 per cent from SBI from Feb 23 to May 31, 2009
