Payday Loan Fairy

I was just looking around and I came across bankrate.com and it said the following:

Someone taking out a $22,000.00 72-month new-car loan at the current average would pay $126.87 a month for the life of the loan.
In Racine, the highest rate on a 72-month new-car loan was 7.99 percent. The lowest rate in Racine was 5.84 percent. Six months ago, the average rate was 6.87 percent.

This was posted on their site yesterday. I was estimating the payment for a Ford Focus ($15,000) and in order to can anywhere near the payment they day the average is for a 22,000 card loan is to pay about half the cost of the Focus in down payment, or the like, and have an apr below 4%.

How does bankrate come up with that number when it doesn't seem to fit with estimates at car sites?

You apparently put in information at Bankrate that doesn't match what you're asking. 72 payments of $126 would be less than $10k.

2008-05-24 12:27:08 by schluect

private lender,private lending,rv loans,car lenders,financing for new car,car loan rates,vehicle loans,car loan financing,refinance car loan,used ...

I have great credit but I don't know what an average rate would be for a new or used car. I will decide if I want a new car or a used one depending on the rate. Can you help?

6.5%

2008-01-26 21:42:42 by BellaMaeTheDoxie

If you got a good credit rating, the leader is Capital One, click on their banner at this link http://www.usedcartips.org/BEFORESHOP.html

2007-08-24 19:50:46 by Wanna New Truck

Your question is really subject to what your buying and your credit score, here is an overview that most likely will confuse you but it's facts.

1 ) the newer the model the longer the term

2 ) the newer the model the lower the rate

3 ) the older the model the shorter the term

4 ) the older the model the higher the rate

5 ) the higher the amount the lower the rate

6 ) the lower the amount the higher the rate

If you want to understand vehicle Interest rates navigate to this link on my site http://www.usedcartips.org/INST.html

2007-12-27 05:32:07 by martha b

I have made and they have accepted my first payment. My credit has since dropped but all paperwork was signed along with trade ins and down payment. Are there any options favorable to me that i can present to the finance company?

2008-04-20 21:09:54 by cali1477

go default on mortgage? We are going thru short sale/foreclosure situation and stopped paying mortgage for a month now. Would a car loan lender raise rates based on our mortgage default? Or is the loan rate fixed for the terms of the loan?

Only credit cards have universal default clauses. If you are late paying the mortgage or car loan, the credit card company might just kick in the universal default. But your mortgage and car loans are installment loans with set interest (or at least rules for adjustable rate increase) that don't include universal default clauses.

2008-04-11 09:24:28 by Kim