I live in Texas, and have fair credit. How much do you think my interest rate would be?
2007-02-16 02:18:45 · 9 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You're smart to ask this question. The best thing to do is shop around for your loan the same way you shopped for your car. Banks, credit unions, or other sources.
Some manufacturers are offering interest free loans for up to five or six years. This is in lieu of a rebate, so be sure to figure out your total cost for the car. I'm talking about the bottom line here.
Good luck.
2007-02-16 02:30:34 · answer #1 · answered by Fordman 7 · 0⤊ 0⤋
1
2016-09-30 16:43:47 · answer #2 · answered by ? 3 · 0⤊ 0⤋
It really depends on the dealership. If you are financing through GMAC or FMCC, then it's pretty much the same as a bank - a bank that just happens to be owned by the car company. They will offer you more options, usually, than any commercial bank will. If you are buying through what we call a "rock lot", then the interest rate will be very high if they "finance" it themselves. Watch out for these credit crooks as they will charge the highest interest rate allowable by law, usually 25%. If you have a good working relationship with your credit union, I would give them your business.
2016-05-24 06:42:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Pretty much depends on your credit rating. It's likely you may get a better rate from your bank or credit union, but the dealer may have a special rate for finance with them, just make sure you know what their rate is before you sign the contract. New car loans are running around 7.5 % while used car loans are right around 8.5 %.
2007-02-16 02:27:40 · answer #4 · answered by Doug H 3 · 0⤊ 0⤋
I am sure you will find this site very useful: http://www.IMMEDIATELOAN.NET
RE:Which would be better to do: Finance a car w/the dealership or get an auto loan from a bank?
2014-07-24 16:15:10 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Will totally depend on the interest rate they give for your credit score.
for a fair credit score the interest is gonna be a little higher
2007-02-16 02:26:29 · answer #6 · answered by c.dude 2 · 0⤊ 0⤋
Banks will almost always have a lower interest rate on their loans.
2007-02-16 02:26:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I'd GO TO A BANK AND FIND OUT WHAT INTEREST THEY'LL CHARGE AND COMPARE IT TO THE DEALER
REMEMBER
THE DEALER WILL MAKE A COMMISSION FROM BANK IF HE FINANCES FOR YOU
YOU MAY BE ABLE TO USE THAT AS A BARGAINING CHIP
2007-02-16 02:51:34 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Whichever gives you the best deal for your situation.
Your interest will be whatever they charge you and what deal you can make with them.
2007-02-16 02:45:22 · answer #9 · answered by parsonsel 6 · 0⤊ 0⤋
Get offers from both, and take the best deal!
2007-02-16 02:26:30 · answer #10 · answered by miketorse 5 · 0⤊ 0⤋