7 Comments

1. bowler_j says:
   April 9, 2010 at 7:58 am

   The rate you will be charged depends on your credit score and credit report.

   As you have found out, your credit is probably not good enough to qualify for the lowest rates.

   Shop around. Banks usually offer lower rates than dealers or finance companies.

   You can also shop online and might find better deals.
2. ↨AutoCAD↨ says:
   April 9, 2010 at 8:48 am

   Depends on your credit
3. AB says:
   April 9, 2010 at 8:51 am

   6% interest is possible to get, but you must have a good credit score. If you are being offered around 13% your score credit score might be low. So, it really depends upon your score to determine a “normal” interest rate. If you have applied for a few loans getting similar results, you probably won’t do much better. Also, be careful to apply for too many. Each inquiry that is made can lower your credit score. I think 13% is too high. I suggest either saving up to pay for a used car outright or wait till your score goes up.
4. dwalkercpa says:
   April 9, 2010 at 9:06 am

   depends on your credit and if the car is new or used. you’ll get a lower rate on a new car, and sometimes some sweetheart deals on models that are slow moving that the manufacturer subsidizes to get them out of inventory. in general, with good credit, i’d look for about 7%.
5. Cort says:
   April 9, 2010 at 9:08 am

   It depends on your credit score.

   NEVER GET A LOAN FROM A CAR DEALER (Car dealers make more from the loan then the car itself)

   Go to a bank or credit union they will preapprove you and give you a better rate.
6. dd says:
   April 9, 2010 at 9:14 am

   Honey, don’t go much higher than 6%. Most credit unions have the lower rates. Most FCU’s are easy to join because they are always looking for members.
7. Theresa M says:
   April 9, 2010 at 10:04 am

   usually the interest rate is based on your credit report. People with very good credit get the lowest interest rates, etc. tec.