Question by john d: Current Auto Loan Rates – What are the current rates?
Does anybody knows the current auto/car loans rates?
Best answer:
Answer by jellyielly
It’s about 5-25%. If you are interested in free auto loan quotes – look here: http://thebestcheapautoloans.wordpress.com
What do you think? Answer below!
Current Auto Loan Rates: the Facts as They are
I have written before that the most important thing to consider when applying for an auto loan is the current auto loan rates. These loan rates are responsible for determining how much you are going to end up paying for the car. So the most important thing you have to me in the look-out for is low car loan rates. In this article I’m going to talk to you about the current auto loan rates and give you some extra tips on the best places to look for low loan rates.
First off, you should know that there a 4 primary different kinds of auto loan rates:
• 36 month car loan
• 48 month car loan
• 60 month car loan
• 72 month car loan
Each of them have different loan rates that fluctuate between 6.5% and 14%, sometimes climbing up to the 15% or 16%. The actual rate depends on you location and if you want a new auto loan or an used car loan, but the general rule of thumb is the lower number of months for the auto loan, the lower the car loan rate. Of course if you want an used car loan you should expect slightly higher loan rates than for new cars.
I’ve learned that depending on where you apply for your auto loan, you can anticipate to find lower or higher rates. I win’t talk about it in-depth but you can anticipate lower auto loan rates from credit unions and higher – but safer – rates from the auto dealers.
Auto Loan Rates Different Locations
If you are part of a credit union, you’ll be capable to opt for larger auto loans with lower auto loan rates. You should follow your union and analogize the auto rates with your local bank to glimpse which one is better. The other place, auto dealers, can accost you auto loans with a somewhat higher loan rate but are much safer. When I state safer I’m stating that the total loan process faster and approval rates are much higher.
But don’t worry if you’re not a member of a credit union or only find high auto loan rates with your auto dealers. There is another kind of auto loan you can apply for called a home equity auto loan. By placing your house as a collateral, you’ll be securing your auto loan no matter what. Always remember to research for the current auto loan rates until you have nowhere else to look for
Related Auto Loan Rates Articles
I am hoping to get some professional opinions whether it would be possible to get an auto loan through a CU or Bank. Would going to a large dealership be the best bet? Any guess on the probability to get a loan would be great.
I understand I would have a higher interest rate but I am willing to accept that. I am just trying to get into a new or slightly used vehicle and bring my score up by April 2010 to purchase a home.
People come on here for answers, not snide comments. Also, I’m asking for professional experience or people who have been able to do so in similar situations. Please, if you do not know then don’t post just to get a point.
Brent
However, I have a 16 year and realize the benefits of having 2 cars. So, I want to keep my current car and get a new one but I’m wondering if I can still get them to pay off my current car even though I want to keep it. I also don’t want to pay a down payment for the new one. This may seem greedy but I figured it doesn’t hurt to ask and with so many people not being able to pay for their cars, the company may be willing to work with their good customers.
Has asked about this kind of thing and how’d it turn out for you?
TIA
Gerald
I am hoping to get some professional opinions whether it would be possible to get an auto loan through a CU or Bank. Would going to a large dealership be the best bet? Any guess on the probability to get a loan would be great.
I understand I would have a higher interest rate but I am willing to accept that. I am just trying to get into a new or slightly used vehicle and bring my score up by April 2010 to purchase a home.
Edith
I want to purchase a used car. My credit score is far from great! It is right around 590. I was prepared to pay a high interest rate prior to the economic crisis, but now I am concerned I wont even be able to get a car.
I was looking at purchasing something for around 12-15k and putting 10-20% down. What are my options? What can I expect? Any links the news articles or real world examples appreciated, and any relevant references or resources in concern to CURRENT loan practices.
I knew what to expect two months ago, but I want to know what to expect TODAY! And references or real world experience backing up your statements.
Keep the smart ass comments to yourselves! Thanks! =)
Joel
Bonds=10%, Home Loans 16%
Auto Loans 13%, Personal Loans 20%.
Restrictions:
The amount invested in personal loans cannot exceed the amount invested in bonds.
The amount invested in home loans cannot exceed the amount invested in auto loans.
No more than 25% of the total amount invested in auto loans may be invested in personal loans.
Help the bank maximize the annual return on its investment portfolio by formulating the linear program.
Please use w,x,y,z for variables so I can follow along… Thank you for helping out.
Harvey
Serious answers please. I need serious advice
Thanks
For those who keep recommending auto loans, thanks but I have an auto loan. I financed though the dealer.
I want to know if they will cancel my current scam of a loan if I don’t provide proof of my income
Jesus
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