My credit score is about 673, the dealership said my interest rate would be 8.74% for a 13000 loan 60 months term..Should I look for a different lender to see if I can get a lower rate or is this rate the dealership gave me sound about right? How much would I end up paying if I took this rate?
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Yes, it is very high. There are many deals out there today and your credit score is not that bad, it’s not the best but still good. Don’t just settle for what the dealer tells you. Shop around. Check your local banks and credit unions. My credit union offers 4.75% interest on used cars, so you have options. Good luck
Does seem on the high side but then i would not take out a loan on a product such has a car that is losing value from the day you bought it.
If the dealer says 8.74%, you might be able to get 7% elsewhere. A dealer will try to get up to an extra 2% on the loan. they will then sell the loan to a lender and make a profit.
I used to sell cars. I actually had to get people back in to resign the paperwork because we sold the to high an interest rate! They always thought we were great because the rate went down. They never realized that they could have gotten even lower (2%) if they had just gone to the bank themselves.
yes that is quite high
For ur credit its normal.
You could try applying at Capitalone.com/autoloans as their rate is just 3.95% (even lower for Costco members) but I doubt you will qualify for it.
8.64% with a sub 700 credit score is pretty good in today’s market. You can look around for something less, but it wont be much less. Don’t expect anything below 7%, you don’t have A rated credit.
It is pretty much in-line with your Tier-2 credit score.
A 13K loan at 8.74% for 60 months will be $268.22 per month.
If you take the entire 60 months to pay, you will end up paying $3,093.20 in interest over the life of the loan (268.22 X 60) – 13000.
That is actually pretty good since you brings so-so qualifications to the table AND a lender is on the hook for 60 months hoping you step up to the plate with your payments.
You can probably cut a decent chunk of a %age point or two off if you knock a year or two off that loan term.
I knocked at least 0.5% off my F150’s loan going from 48 months down to 24 months.
You’re not getting 3% or something silly like that from any lender, so don’t get uppity over this.
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