I need a used car loan – What int rate can i expect?
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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
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The Auto Evaluator™ said:
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.
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0January 7th, 2010 at 2:59 am
