2006-09-14 01:25:27 · 5 answers · asked by Joy J 1 in Business & Finance ➔ Personal Finance
How high could you have? It depends on the usury laws in your state. How high should you have? If your credit is good, 6-7%, bad, 12-15%.
2006-09-14 01:30:37 · answer #1 · answered by Fermat 4 · 0⤊ 0⤋
I have heard of people getting quotes of up to 24%. You should know what your credit score is before you walk in the door. If its 725 or above you can usually qualify for something from 0-5%, 600-724 can be 12%-6%. Lower then that and expect to be between 13%-19%. Your best bet is to get a quote from your bank and then have the car dealership try and beat it. Don't be afraid to walk away and talk to other dealers or banks before signing anything. They want your business and despite what they tell you, they can work with the banks to lower the rate. Just don't expect 0% unless you have really good credit.
2006-09-14 08:37:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
My ex-fiancee, who was not at all bright when it came to buying and selling cars, bought a used Pontiac Grand Prix that was financed at 19% APR. That's outrageous. Right now you can get a new car from the Big Three at 0% APR with less than perfect credit. If you're buying a new car, you shouldn't have to pay more than 8% APR (and you should try to do better than that) and for a used car you shouldn't have to pay more than 12% APR.
2006-09-14 08:30:49 · answer #3 · answered by sarge927 7 · 0⤊ 0⤋
Depends on the state. Some states dont have laws about interest rates so they could charge you 1000%!!!!! Depends on if its new or used and if you have good or bad credit. I would say if you cant get below 12% go elsewhere.
2006-09-14 08:35:52 · answer #4 · answered by green_wave49 2 · 0⤊ 0⤋
depends on how good or bad your credit is. a friend of mine just got finanaced for a new car and is paying 21.5% interest.
2006-09-14 08:36:14 · answer #5 · answered by daddysboicub 5 · 0⤊ 0⤋