I live in Texas, and have fair credit. How much do you think my interest rate would be?
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{ 7 comments… read them below or add one }
You’re smart to ask this question. The best thing to do is shop around for your loan the same way you shopped for your car. Banks, credit unions, or other sources.
Some manufacturers are offering interest free loans for up to five or six years. This is in lieu of a rebate, so be sure to figure out your total cost for the car. I’m talking about the bottom line here.
Good luck.
Banks will almost always have a lower interest rate on their loans.
Will totally depend on the interest rate they give for your credit score.
for a fair credit score the interest is gonna be a little higher
Get offers from both, and take the best deal!
Pretty much depends on your credit rating. It’s likely you may get a better rate from your bank or credit union, but the dealer may have a special rate for finance with them, just make sure you know what their rate is before you sign the contract. New car loans are running around 7.5 % while used car loans are right around 8.5 %.
Whichever gives you the best deal for your situation.
Your interest will be whatever they charge you and what deal you can make with them.
I’d GO TO A BANK AND FIND OUT WHAT INTEREST THEY’LL CHARGE AND COMPARE IT TO THE DEALER
REMEMBER
THE DEALER WILL MAKE A COMMISSION FROM BANK IF HE FINANCES FOR YOU
YOU MAY BE ABLE TO USE THAT AS A BARGAINING CHIP