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What my interest rate on an auto loan going to apprx. be for a 14K car with a 580 credit score?



What my interest rate on an auto loan going to apprx. be for a 14K car with a 580 credit score?

It will be between 12% and 20%. Don't believe anything lower, my score is also 580, and that is what came back for me and I went to several places including on line. I changed my mind and decided I would continue to work on my score and they try to finance a car.
Good Luck
BETWEEN 8 AND 9
Higher than average. below 619 is a poor score.
I'm a Credit Manager
It is going to be very hard to find a bank that will finance someone with a 580 credit score. Be prepared to put some money down, at least $1000. If you are approved, you are looking at a 15-19% interest rate.

Here's a tip: Let the dealer know that you do not want an interest rate over 11%. They may say they can't help, but they actually can.

You should also look into ways in which to help boost your credit score. Pay your credit and revolving loan accounts down to at least 50% of your credit line...that is a big point increase if you can do that! Also, each time someone runs your credit report, that effects you negatively. Perhaps contacting a credit counseling agency will help to pay down any debt you have. You can find a great one at http://www.mycesi.org
Depends, I believe that you are talking about something that is used, so between 10 and 17
new car - 9% - 12%

used car 12% -18%

You will be dealing with a higher rate no matter what. It is ALWAYS smart, to make the salesman think you arent interested and go home after the initial offer. I promise, within a few days of your visit, they will call you with "great news!!" The rate they said they could get no lower, just got lower!!!

happy hunting
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