OK, I AM A FIRST TIME DRIVER. SO I WANT TO FINANCE A CAR. WHAT COULDMY APR BE IF I HAVE NO CREDIT AT ALL?
2007-01-05 08:42:24 · 3 answers · asked by Anonymous in Business & Finance ➔ Credit
With no credit at all, you might have a pretty wide range of offers but the "good" rates require good credit history. With no credit at all, you will never get 0% financing; you might get offers as low as 8 or 9% or all the way up to 20% or more. 3-5% is very good for a car note.
You will get a better rate if you open a secured credit card account and use it for 6 months to build history (assuming you never go over your limit and you make payments every month0. This will save you thousands over the life of the car loan!
2007-01-05 08:46:03 · answer #1 · answered by dcgirl 7 · 1⤊ 0⤋
The APR is an expression of the interest rate with all the cost rolled in to the loan. Installment loan have a nominal rate that is what your monthly payment is based on. The APR could be very high with NO DOWN PAYMENT
2007-01-05 16:46:42 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
No credit, it will be around 12% to16%, get the loan under your dads name, so it wil be cheaper.
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http://www.bestcreditrates.net
2007-01-05 17:40:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋