Jul

5

What are good interest rates on a used car loan?

Filed Under Buying & Selling 

flyboy711672005


I need to get a car loan really soon, and I wanted to know… what should agood interest rate be on a used ride… say 06′?

Comments

8 Responses to “What are good interest rates on a used car loan?”

  1. johnny b good on July 6th, 2009 5:06 pm

    Save up and pay cash. Keep the interest in your pocket.

  2. UCANTCME on July 7th, 2009 3:34 am

    7.50

  3. msdagney on July 7th, 2009 3:39 pm

    With good credit the rates are are starting around 6% for a 36 month term.
    To get the best rate and price possible, go to your own bank or credit union and get pre-approved for a loan through them.

  4. Polar B on July 11th, 2009 12:04 am

    10%

  5. Hercules38 on July 14th, 2009 10:16 am

    depends where you live and what they are offering the best I’ve seen in UT is 6% through Golden West Credit Union

  6. mccoyblues on July 14th, 2009 2:28 pm

    Your interest rate will be determined by your credit rating, the age of the car and the length of the loan.

    Try your local Credit Unions for the best rates. At mine you can get a loan below 4% but the most common rate for a 4 or 5 year loan for a car that is no more than 4 years old is in the mid 5% to over 7% range.

  7. honda on July 16th, 2009 1:59 pm

    If you go to searchautoreviews.com, to search with “used car loan”, you should find some good deals.

    Here is the link:

    Good luck!

  8. The Auto Evaluator™ on July 17th, 2009 9:23 am

    It will really depend on your credit score as well as the loan circumstances. In addition, certified pre-owned vehicles will tend to have the best rates. Pontiac even offers 3.9% on certified used cars, however if you go through an outside lender, then your credit will play a major factor in the rate.

    One thing to also note for you is that some lenders use a tier system, which sometimes give people with a lower credit score a good interest rate provided they have goo income, stable job history, low debt-to-income, and a good loan-to-value. If you get 6.9 – 7.9 on a non-certified car, you’re doing good. I hope this helps.

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