What kind of auto loan rate can i expect with a credit score of 700?
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Tagged: auto · credit · expect · kind · loan · rate · score
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Depends. if you get a new car, you can definitely get a 0% APR deal. if you buy a used car, then I would say between 2-7%.
A fairly good one. My score is a little higher than yours, and I got a 5% interest loan for a car through my credit union (the lowest they give). Remember, although your score carries a lot of weight, the amount of time you’ve spent establishing your credit matters too.
Depends on the car and the finance company. You will qualify for the best rate, what is the best rate? If you buy a Ford and they are offering 0%, then you get 0%. If you buy a Honda and there best rate is 4.9% then you get that. It depends on the car, if you go used then check with a local credit union and find out there rates, that will give you a good idea of what to expect, you can always just arrange your own financing with a credit union.
A 700 score can get you some pretty good rates (don’t be so hyped on the lowest rates available as most of the higher tiers require at least a 720)…but your credit length and payment history will be heavy factors for banks, plus they also take into heavy consideration on the amount you’re financing and the LTV ratio.
Depending on what car you’re purchasing, I can almost guarantee you won’t get a rate higher than 8%
new car rates with that score should be in the 5 percent range
add about one quarter point per year for a used car