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Does anybody knows the current auto/car loans rates?
It's about 5-25%. If you are interested in free auto loan quotes - look here: http://thebestcheapautoloans.wordpress.com
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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..
I currently have an auto loan with Bank of America. I am paying 9.7% APR. I'm considering refinancing just to get my interest rate lower.
In fall 05, I started it w/ a loan balance of ~$27K. In 1.5yrs, I've paid down the loan to a little under $15K. Currently the car has a trade-in value of ~$19,500 and a retail resale value of ~$23K(I looked this up on Kelly Blue Book's website). So I know that I'm not upside-down on my loan.
Do I have a good chance of refinancing? My credit is solid, but the only thing that I'm afraid might hinder me is the credit card balances that I currently have(although I've been paying them on time).
More importantly--Is there a chance Bank of America might be able to refinance my car loan for a lower rate? If they do this, is it possible for the loan acct.# to stay the same?(since it's within the same bank) Do banks sometimes refinance car loans that they already manage? And if I tried to refi with Bank of America, would it create a hard inquiry?
I asked about it at my credit union and I'd say it's a no-no. The credit union said they only determine int. rates based on what tier my credit score falls in, so my good loan-to-value ratio, length of loan, etc won't help me. They also said that I'd only qualify for a "used car" loan, and the rates are higher for those. But I will definitely try Bank of America...except I called 2X today and got disconnected each time after waiting a while. >:( Anyone have any specific car loan experience dealing with Bank of America?
Yes it is possible. Since you have paid the loan down so much your loan to value has changed greatly. This is one of the main things that lenders base rate on.
You should have no problem refinancing with your own bank, if you do? Try a credit union, they will always beat a bank on rate anyway.
And yes it will be a hard inquire.
You would have to define "good credit history" with a score and information on your income and debts for me to help a lot. But the lowest I've seen recently is about 6%. I got one for 5.6% in May and I have phenomenal credit (780 credit score and I'm 25).
I would say 6-8% is a good range.
currently i am paying off an $8700 loan at 15% interest. my payments are now $235 per month. i plan on getting refinanced at a much better interest rate with my credit union in a few months. (they require 6 on-time payments before they'll refinance me. i'm getting ready to make my 3rd of 48 payments.
i would like to start paying about $20 or $30 on the premium -- which i would add to each check i send. but does it make sense to do this now (at 15% interest), or should i wait 'til i refinance at maybe around 1/2 that rate?
this is a math problem honey.....don't let them rack up anymore 15 % insterest on you, eat peanut butter and pay this thing off...don't ever do this again, you lose with debt...the only way to live is to live within your means.
I want to refinance my current auto loan, and i don't know alot about refinancing because i never did it before. First, how many payments do i have to make on time before i can check with different companies about refinancing? Some people have told me you can refinance after 6 months of on time payments. Second, how much will my payments or interest rate drop from my current rates? Third where is the company/bank to go for refinancing?
Usually refinancing an auto loan is a waste of money. You shouldn't have bought the car in the first place if you can't afford the current payments
Good Luck!
Lowest Auto Loan Rates – Getting Low Rates in San Diego, California Subprime Blogger (blog)
By simply doing some google searches you are likely to find that there are many auto loan lenders in San Diego who want your business. With the amount of marketing that is being done in this industry it is obvious that these lenders are trying to reach a target audience. Unfortunately, there are not insignificant amount of car buyers in the market so these lenders are struggling.
This is very fortunate for those who are buying new cars. Many auto lenders will take the necessary steps to add you as a new customer. With the amount of financial struggles that many banks and lending institutions have seen they are going to do what it takes to provide you with an auto loan. It is important to note that you must have a decent credit score to get a low interest rate on your auto loan.
You’ve probably seen advertisements on the television and Internet for low auto loan rates through a car dealership. You must understand that these low interest rates are only available to well-qualified buyers. If you have a credit score well below 650 then you are going to find it very difficult to qualify for an auto loan at a car dealership.
News
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ReutersHow long until Ford also needs bailout?MSNBCSee today's average mortgage rates across the country. See today's average home equity rates across the country. See today's average auto rates across the country. See today's average credit card rates across the country. By Jeff Horwitz Watching grown Ford Eliminates Non-Union Bonuses, Offers UAW Buyouts
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Boston Globe4 ways to fix Detroit - but none is easyCNNMoney.comAnd the interest rate involved with bankruptcy loans would be far higher than the low rates on the current federal loans. "I don't see how $40 billion is enough money to make it work," he said. Allow Chrysler to die. Removing Chrysler and the nearly 1 White House pushes banks to support GM, Chrysler Auto Bailout: If You Thought it Was Ridiculous Before… Chrysler, GM plea drawing skeptics
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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
Banks to auto reduce monthly loan repayment amountsMalaysia Star, MalaysiaPETALING JAYA: Banks will automatically reduce the loan repayment amounts of their customers and this will be completed by the first quarter of this year, the Association of Banks said. Borrowers who wish to maintain their current loan repayment
