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I need to get a car loan really soon, and I wanted to know... what should agood interest rate be on a used ride... say 06'?
It will really depend on your credit score as well as the loan circumstances. In addition, certified pre-owned vehicles will tend to have the best rates. Pontiac even offers 3.9% on certified used cars, however if you go through an outside lender, then your credit will play a major factor in the rate.
One thing to also note for you is that some lenders use a tier system, which sometimes give people with a lower credit score a good interest rate provided they have goo income, stable job history, low debt-to-income, and a good loan-to-value. If you get 6.9 - 7.9 on a non-certified car, you're doing good. I hope this helps.
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ive heard of people getting as low as 0.9%! and im talking 60 months... during these tough times for the auto industry, what is considered a phenomenal or great rate on a used car loan?
No way are you ever going to get a 0.9% rate on a used car. You are confusing new-car promotional rates with used car rates. The national average used car rate for 60 months is 6.78% (Bankrate.com) and that's only for people with a great credit score (680 and above).
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%
I purchased a used vehicle in January with an unusally high interest rate. I put $3000 down and owe $4700, I don't have great credit but I have paid off 3 car notes in the past, any suggestions on where to refinance a loan for under $5000 for a used car that will have a lower interest rate.
I had to purchase the vehicle because mine had broken and I had no means of transportation for me and my children.
Thanks for your advice
call your local bank or credit union with a score of 620 or higher a local crediti union's rate will be anywhere from 6 to 10 % especially if u have equity in the car and it sounds like you do
please vote as best answer
I know my scores stink & I know how to raise them. They were pretty decent a few years back, but a couple of hospital bills that went to collections plus a few late credit card payments & they went way down fast...
I just want to know what kind of int rate to expect on a used car loan? If they pull the Equifax score only I read somewhere I could get 10.5%?
SCORES
Equifax - 625
Experian- 573
TransUnion - 541
It will also depend on the car you are looking to purchase. It may be possible to get 10.5% if you are looking to buy a used 2007 or 2006 model. The older the car, the higher the rate. For instance, if you buy a 2000 vehicle with perfect credit, the best you will get would be 9.9% and they won't go longer than 48 months.
If you look for a Manufacturer Certified Pre-Owned vehicle, you can probably get the lowest rate available for you, however it would have to be a late model vehicle that is still under the factory warranty. Lenders have different formulas for figuring interest rates, so make sure you don't fill out any credit applications until you find the car you want to buy. If too many people pull your credit, all the activity can reduce your chances of getting approved. Good luck and I hope this helps. You can email me through Yahoo if you have questions.
A lender may use whichever rate is higher - 12% or 4% above the Federal Reserve rate on 26-week treasury bills.
Deadlines Loom for Consumers BankInvestmentConsultant.com
As 2009 winds down amid talk of an economic recovery, government programs designed to help consumers—from mortgages to car loans—will begin to expire, according to a recent update from the California Society of CPAs.
Estate Tax
• The federal estate tax, which will expire Thursday, will be reinstated in 2011. For 2009, individuals can shelter up to $3.5 million from the federal estate tax, and married couples can protect $7 million. Estates above that are subject to the top rate of 45%. For 2010, the estate tax has been repealed but only for one year. There could be implications for some smaller estates. If Congress does not act, the estate tax will return in 2011, but under pre-2001 requirements. At that time, clients will be able to shelter only $1 million and estates worth more than $1 million will be taxed up to a maximum rate of 55%.
COBRA Extension Benefits
• Congress continues to debate health care reform, but the American Recovery and Reinvestment Act of 2009 (ARRA) is already in place. It provides premium reductions for health benefits under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Individuals who involuntarily lost their jobs between Sept. 1, 2008 and Feb. 28, 2010 pay only 35% of the COBRA premiums. (The remaining 65% is reimbursed to the coverage provider through a tax credit.) The premium reduction applies to periods of health coverage that began on or after Feb. 17, 2009 and lasts up to 15 months.
Lenders Use TARP Funds to Give Out More Car Loans
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News
Lenders Use TARP Funds to Give Out More Car Loans AutoLoanDaily.com- Feb 23, 2009
AutoLoanDaily.comLenders Use TARP Funds to Give Out More Car LoansAutoLoanDaily.com, FL“Loan approvals also rose.” So if you’re in the market for a used car and need a car loan to buy it, don’t think you won’t be approved. Lower average FICO scores and increased approval rates should convince you to at least apply for the car loan.
- Feb 25, 2009
First Advantage Corporation Q4 2008 Earnings Call TranscriptSeeking Alpha, NYWhile visibility into 2009 remains uncertain, especially in new core sales, a positive sign may be in the used car industry especially with strong January sales figures of certified pre-owned vehicles. Additionally, we are pursuing every opportunity to- Feb 25, 2009
News Updates on Global Auto IndustryThe Taiwan Economic News, TaiwanThe Slovakian government has bred one of fastest growing automotive segments in the Central & Eastern European Region (CEE) by offering favorable tax rates and low-interest loans, with its carmakers` output mostly exported. The third-largest car-making- Feb 25, 2009
Frustrated car buyer returns vehicle after financing failsTampa Bay's 10, FLThe used car director declined an on camera interview but told us this is the second time this has happened here in the past few months. James Hendon estimates about 85 percent of the time, customers drive cars off the lot before the loan has actually- Feb 24, 2009
First-time home buyers and their $8000 creditBoston Globe, United States(36 percent is $2250, so there is $500 set aside for other long-term debt such as car or student loans.) That $1750 must cover principal, interest, tax and insurance. So, this borrower can take a loan for about $240000, depending on taxes and condo
