I'm trying to estimate what my monthly payments would be, I am using the carmax payment calculator but I don't know what percentage to use. I'm using 6.5%, not sure what it will actually be. Is it based on your income, credit score, or contract length (24-72 months)??
2007-05-27 12:38:30 · 3 answers · asked by jennifer p 2 in Cars & Transportation ➔ Buying & Selling
Bankrate.com publishes national average rates for both used cars and new cars, and different loan terms.
However, these are rates for people with average credit scores and average dept-to-income ratios. If your score is low or "subprime", the rate you pay will be determined by the loan company and will likely be considerably higher than the rates shown on Bankrate.com. In this case, you should spend a lot of time shopping for the best rates.
2007-05-27 13:27:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your APR is determined by your credit score. If your credit is around 620 and below look for around 14-18%. 620-670 around 10% and 670- 730 around 7%. And as for the 0% financing they only offer that for people with 750 and higher credit score. Usually 1 out of 5,000 qualify for that rate. If you know your score it will give you a more accurate representation of your payment.
2007-05-27 13:40:51 · answer #2 · answered by hondab16tuner 6 · 1⤊ 0⤋
Many manufacturers offer subsidized financing for their products.
Ford, for instance, offers 0% for 60 months on select new models.
And they also offer 4.9% X 60 mos. for their Certified Pre-Owned vehicles
2007-05-27 13:24:31 · answer #3 · answered by Vicky 7 · 1⤊ 0⤋