I just bought a Honda Civic Coupe and put some money down and financed 10,000. I got 6.99% financing over 60 months - my credit score was in the high 600s. Is this a good interest rate? The car salesman actually started me with 7.99% but I resisted.
2006-06-22 04:13:55 · 4 answers · asked by CommanderQ 3 in Business & Finance ➔ Credit
Not a bad rate, not the best perhaps, but certainly not bad for a high 600 score. A word of caution about refinancing... check your contract carefully many sales finance contracts have a $75 to $100 early payoff fee, usually if the loan is paid in full within 6 months.
2006-06-22 05:00:42 · answer #1 · answered by Adios 5 · 1⤊ 0⤋
No, it's a rotten rate. With car sales dropping everywhere, most dealerships are practically giving away cars. You should have checked with your local bank/credit union (mine gave me 2.74%) and you also should have checked the lease options. Honda Civics are one of the most popular cars, so the re-sale should be good for a lease.
It's not to late for your rate...just like a house, you can refinance a car loan. This time, shop around!
2006-06-22 04:34:10 · answer #2 · answered by KL 5 · 0⤊ 0⤋
That sounds like a fair rate. New or used car? If its a used car, you got a very good rate. New - you did OK. Your rate would go down if you did a shorter period of time (36 mos vs 60 mos)
2006-06-22 04:17:03 · answer #3 · answered by Justin B 1 · 0⤊ 0⤋
For 60 months there's a better of 6.25% but 6.99% is also pretty good
http://www.netbank.com/loans_auto.htm
2006-06-22 04:16:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You may want to check with your local Credit Union. They usually offer lower rates than banks.
2006-06-23 13:22:24 · answer #5 · answered by John H 4 · 0⤊ 0⤋
You did well, but you should have shopped around first. Next time, try a credit union, local banks, and/or your local AAA office
2006-06-22 04:24:29 · answer #6 · answered by ps2754 5 · 0⤊ 0⤋
It's doesn't matter NOW!
You should have asked this BEFORE you signed.
Nothing you can do about it now. YOu got what you got.
2006-06-22 04:17:41 · answer #7 · answered by Jenny A 6 · 0⤊ 1⤋
so amazed that I found this question already answered! it is like you've read my thoughts!
2016-08-23 00:20:11 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Have a look here.
2006-06-22 05:06:26 · answer #9 · answered by Anonymous · 0⤊ 0⤋