Overhaulin'

What are the average interest rates for car loans right now?

Does anyone know what the average interest rates are right now on car loans? I keep seeing that the fed cut interest rates but does anyone know what they are? we are looking at a used car. Both of our fico scores are right around 700

Public Comments

1. In California they seem to range anywhere from 4% to 11% depending on your FICO score.
2. depending on where you live and where you are getting your car and what your credit score is, anywhere from 0% - 14%. Some dealerships offer 0% in lieu of a cash back certain times of the year, and if your credit is good, I know Ford will give you 2.9% financing, which is better than 4.5% some banks/credit unions will offer you if you are in good standing. Mostly though, it depends on your credit score and of course, your debt:income ratio.
3. I would say 5.5% for really good credit all the way up to 21% for not good credit.
4. New or used? They're different. Manufacturers may still be offering 0% incentives, so watch the ads if you're looking for a new car. I doubt the rate will go lower than that in the near future. Used? Check with a credit union - they're usually the cheapest place to buy money at retail.
5. Yes there are bad credit auto loans online for people with a poor credit history and low FICO scores who need transportation, and need a fresh start in repairing their credit. Although it may seem hopeless if you have blemishes on your credit there is a solution. First you will want to get rate quotes from various sources. This is very important, you should shop around to find the best deal. However, keep in mind that there are different<!--factors at play with each lender, as to whether or not you get a loan and if so at what interest rate. You can get approved for a auto loan. http://badcreditloans.awardspace.com/How_To_Take_Out_A_Bad_Credit_Auto_Loan.html But lets be clear, obviously you are not going to get the preferred interest rate on a car loan that a person with A+ credit will receive. However with a little research, especially online, you can find the best auto rate quote that meets your circumstances. Most people just dive head first into the auto financing process when-->buying a car, giving no thought to how the auto loan interest rate affects the overall cost of the vehicle or monthly payment. With no plan of action or alternative financing source, this results in them receiving high interest rates and high processing fees which lead to high monthly payments.