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| *Loan,banking and credit>>>auto loan |
Interest rate on auto loan with bad credit? |
I'm looking to buy a car from a dealership for apprx. $12000, putting $1000 down but my credit score is only 580. What will my interest rate be around? Unfortunately, there is no around, typical is not typical, can be 12% range and up depending on different criteria. your credit, the length of loan and the vehicle itself makes a difference in Ny, 24 is the state maximum. with a 580 score, they would be using sub-prime lenders, rates can be high, but be careful some dont help/improve credit as you pay on time, only hurts if you dont pay. Kbb.com or edmunds.com offer sites/links for tutorials on credit. Ask for the bank name, and as someone else mentioned check with your own bank and DO negotiate the APR with salesperson after you negotiate price. GOOD LUCK. Probably somewhere around 15-18%. Sorry, but that's how it is :( No one will finance you with just $1k down. You'll need 30-50% down and the rate will be over 20%. Ok your score does effect your rate but there are other things that effect it like how many things are on your report. You honestly could be looking anywhere between 10-20% . Work in a dealership |
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