I was looking on KBB at a particular car and it says $265/mo @ 6.25 interest . This is fixed, right?
2007-09-07 05:19:32 · 7 answers · asked by katie 2 in Cars & Transportation ➔ Buying & Selling
It depends on the terms of your loan, but almost all automotive loans are fixed rate loans calculated using simple interest.
The rate that you get is dependent on a combination of your credit score and income, so your interest rate may be lower or higher.
However, once you get the loan, the rate typically stays fixed.
2007-09-07 05:27:55 · answer #1 · answered by hsueh010 7 · 1⤊ 0⤋
As I have just answered to someone asking if 8% was a good deal for him, much in the same line as what your mother is saying, there are many cars out there and many deals to be had. You don't know if you are getting a good deal until you have looked around and seen what's on offer. RE: 19% APR on car loan? I was offered a $10,000 car with a 19% APR for 5 years. They said I could refinance after 6 months of paying at least $300 a month. My mom thinks I should look elsewhere to find a car loan but I have been turned down for anything lower. Should I wait a couple weeks and perhaps my APR will go down a little more? Or should I just go ahead and get the car? I am not completely desperate for a car. I can wait a couple weeks for longer to buy a car if that will change anything.
2016-04-03 08:51:54 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2016-09-26 11:19:55 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Yes, car loans are usually a fixed rate. I have never seen a variable auto loan, but in most cases variable would be your worst option anyway.
2007-09-07 05:30:46 · answer #4 · answered by Anonymous · 1⤊ 0⤋
On an auto loan the rates are always fixed.
2007-09-07 05:27:51 · answer #5 · answered by alex j 2 · 0⤊ 0⤋
You'd need to check the small print for that particular loan offer, the rate could indeed go up (or down) as the market and economy fluctuates.
2007-09-07 05:27:02 · answer #6 · answered by Anonymous · 0⤊ 0⤋
THEY ARE FIXED.
2007-09-08 04:13:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋