2007-01-29 02:39:16 · 5 answers · asked by unnatural bro 1 in Cars & Transportation ➔ Buying & Selling
the interest rate works based on your credit, and on the age of the vehicle you're purchasing.
If you have a 650-credit and are purchasing a NEW vehicle you can expect to pay about 8.50% interest. If it's 2005 or less, you can expect to pay about 10% for the same loan.
This information varies from bank to bank... and your best bet is through a local Credit Union.
2007-01-29 02:43:47 · answer #1 · answered by rob1963man 5 · 0⤊ 0⤋
1
2016-09-26 16:18:53 · answer #2 · answered by Marian 3 · 0⤊ 0⤋
"Interest" is the cost of borrowing money. "APR" is expressing that rate as the "Annual percentage rate" which shows you a number that's easier to understand.
For example, you borrow $100 from me at 7% APR, you will pay me back $107 if you keep it a year.
Sometimes they will quote a low interest rate, and then bury the real rate, the APR in the small print, so be careful. For example, "your loan will only cost you 2% a month" doesn't sound bad compared to "24% per year"
2007-01-29 02:48:39 · answer #3 · answered by oklatom 7 · 0⤊ 0⤋
try this site to get quotes for a car loan, works very well!
2007-01-29 03:01:16 · answer #4 · answered by TINY b 2 · 0⤊ 0⤋
They both work against you.
Try to save up and pay cash for a car - you will be happy you did!
2007-01-29 03:08:39 · answer #5 · answered by superfunkmasta 4 · 0⤊ 0⤋