What my interest rate on an auto loan going to apprx. be for a 14K car with a 580 credit score?
Answer:
It will be between 12% and 20%. Don't believe anything lower, my score is also 580, and that is what came back for me and I went to several places including on line. I changed my mind and decided I would continue to work on my score and they try to finance a car.
Good Luck
BETWEEN 8 AND 9
Higher than average. below 619 is a poor score.
It is going to be very hard to find a bank that will finance someone with a 580 credit score. Be prepared to put some money down, at least $1000. If you are approved, you are looking at a 15-19% interest rate.
Here's a tip: Let the dealer know that you do not want an interest rate over 11%. They may say they can't help, but they actually can.
You should also look into ways in which to help boost your credit score. Pay your credit and revolving loan accounts down to at least 50% of your credit line.that is a big point increase if you can do that! Also, each time someone runs your credit report, that effects you negatively. Perhaps contacting a credit counseling agency will help to pay down any debt you have. You can find a great one at http://www.mycesi.org
Depends, I believe that you are talking about something that is used, so between 10 and 17
new car - 9% - 12%
used car 12% -18%
You will be dealing with a higher rate no matter what. It is ALWAYS smart, to make the salesman think you arent interested and go home after the initial offer. I promise, within a few days of your visit, they will call you with "great news!!" The rate they said they could get no lower, just got lower!
happy hunting
I work in the Finance Department at a Car Dealership. You will get a rate no lower than 12%. However, the rate can get much higher depending on your income. The lower you make in relation to your debt load, the higher the rate. Also, it depends on the amount of money you put down. The more you put down, the lower this "New" additional debt load will be. What will happen is the dealership will run your application, you wont get any offers at the best rates.
They will then ask if you can get a co-signer. If you say no, they will then tell you "not to worry", they have several companies that offer financing for people in your situation. These companies will then let your dealer know what their criteria is, i.e., (1) They will finance you if you put down X amount of dollars, (2) The vehicle can NOT be older than a certain year (3) The mileage on the vehicle can not be over a certain amount (4) The amount financed (price of the car + tax, title, liscense) can not be over a certain amount.
So if all this comes together, the saleman will then have to help you find a vehicle on the lot that meets those criteria.
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
Other Questions and Answers: