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| *Loan,banking and credit>>>auto loan |
What's a "normal" amount for an interest rate for an auto loan? |
I've seen advertisements as low as 6%, but the few I've actually applied for offer me around 13%. I guess the advertisements are to suck you in. So what should I be looking for? The rate you will be charged depends on your credit score and credit report. As you have found out, your credit is probably not good enough to qualify for the lowest rates. Shop around. Banks usually offer lower rates than dealers or finance companies. You can also shop online and might find better deals. http://www.credit-yourself.com/auto-loan... lign="right" > Sign in to vote! Depends on your credit lign="right" > Sign in to vote! 6% interest is possible to get, but you must have a good credit score. If you are being offered around 13% your score credit score might be low. So, it really depends upon your score to determine a "normal" interest rate. If you have applied for a few loans getting similar results, you probably won't do much better. Also, be careful to apply for too many. Each inquiry that is made can lower your credit score. I think 13% is too high. I suggest either saving up to pay for a used car outright or wait till your score goes up. lign="right" > Sign in to vote! |
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