I plan on getting a newer car, and its about 10k, I only have about 5k right now, I am going to take out a loan of 6k, what is typical interest? Should I do 48 months or 60?
What is typical interste through a bank?
2007-02-03 04:24:38 · 6 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
First understand dealers and banks dont finance loans for vehicles under $ 7500. ( unless buy here pay here type dealer )anything less it becomes a personal loan.
The lower the amount the higher the rate...the older the car the shorter the term...Subject to your location an 06 model - 84 months an 05-04 model 72 months...03- 02 model 60 months, and 1999 model your on your own, they wont touch, keep in mind there are other lenders besides banks, but with their interest rates forget it...
You want to take the time to really learn the steps how to buy a used car go to my website http://www.usedcartips.org/ its free advice with no strings attached ...good luck
2007-02-03 10:30:18 · answer #1 · answered by Anonymous · 0⤊ 0⤋
1
2016-09-26 16:29:32 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Most banks I deal with take the year and mileage into acount, along with your credit rating. The average new car loan right now is about 6.9, average used can get up into the 9.9 range.
Oh, the maximum term will also depend on the age of the vehicle.
Sometimes, you wind up in the situation where you can almost buy a new vehicle for the same monthly payment. For instance, I have 2 pontiac G6s on the lot that will cost you $16,710. With your 5K down, 8% sales tax, and 6.9% APR, your payment would be around $260 for 5 years. That entire time you would be covered under our powertrain warranty.
2007-02-03 05:08:33 · answer #3 · answered by InjunRAIV 6 · 0⤊ 0⤋
Take the longest term you can get and pay extra (as long as a longer term doesn't raise your rate). Auto loans are "simple intrest" , so any extra that you pay goes directly towards the principal. It's like not paying intrest on anything over the required payment!
2007-02-03 04:39:18 · answer #4 · answered by Warren K 2 · 0⤊ 0⤋
it all depends on your credit rating, if you have good credit, your interest rate will be lower, if you have a bad credit rating, you intrest rate will be higher.
the average interest rate at most banks are from 8-18%.
2007-02-03 04:30:04 · answer #5 · answered by SWT 6 · 0⤊ 0⤋
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2016-10-01 09:01:23 · answer #6 · answered by ? 4 · 0⤊ 0⤋