2007-02-10 17:27:22 · 4 answers · asked by Anonymous in Cars & Transportation ➔ Buying & Selling
The true question should be :
"What is a good Credit SCORE in order to get a good rate when buying a car"
The answer is 720 Fico Credit Score buys you around 5.75% Interest Rate. Anything under that Fico Score will buy you in the vicinity of 7.25%
Yes.. some dealerships will promote 0% interest rates on some of their slow-selling models, and a good credit score will qualify you for THAT as well. Not everyone qualifies for those rates.
2007-02-10 17:36:54 · answer #1 · answered by rob1963man 5 · 0⤊ 0⤋
Depends on where you live. 6-7% is about where A+ credit is in California. Dealers have "subvented rates" on certain cars (0%, etc) but you might be giving up rebates that are more than the interest you would pay if you got regular financing. Subvented rates become less effective if you do not plan to keep the vehicle for the entire term or payoff your vehicle early.
The best way to see is to look up rates on the Internet of several banks and credit unions in your area.
2007-02-10 19:06:56 · answer #2 · answered by Confused 3 · 0⤊ 0⤋
750 or higher usually qualifies for the 0.0% or the super low rates on new cars(under 5%)
a 650ish score will get you anywhere from 6-7% on a new car
2007-02-10 17:49:52 · answer #3 · answered by TheProphet 2 · 0⤊ 1⤋
it deepens on your financial statues and your credit rate usually if you have good credit you get a better rate
2007-02-10 17:37:42 · answer #4 · answered by navmades 2 · 0⤊ 1⤋