Question
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'?
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'?
Answer
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.
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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