Overhaulin'

Car Loan Interest Rate For Married Couples?

I recently got married and we own a car together but now that I will be working a different shift than my husband we will need to buy a second car for me to get to work. We have had our car for about a year and a half and we bought the car before we were married. We were 19 years old when we got it and our credit was in the 690s. (We are 20 years old now.) Since then our credit has gone up to the 710s and we were wondering if we could get a lower interest rate now that we are married or if we will get about the same interest rate that we got on our car we have now. We got a 9.75% on the car we have now and we put down $1,100 on the car when we bought it. It is a 2006 Hyundai Sonata and we got it with less than 20,000 miles. The new car we plan to get will be a 2009 Nissan Maxima and it will have around 10 miles. Any ideas on what kind of interest rate we will get if we put down about $1,000 again? Any suggestions to help get a lower rate or something? Any help would be great, thank you

Public Comments

1. usually the lowest rate that you can get when you finance a car is 5.9 and that's for 5 years. 6.9 for 6 years...and that's if your credit score is in the high sevens and up.... you might get 8.75% as long as you made all of your car payments on time, because that's the main thing that they will look at. 1,000$ down really isn't considered to be alot of money down, if you think about it that really wont even cover your taxes... my advise to you would be to wait until the dealership puts out a special interest rate because you will probably qualify for that... like 3.9 or sometimes even 0%... just call the dealership and ask them if they have any special interest rate right now and if they dont it may be worth it to wait another month or 2 until they come out with one... in a month or two the 09's are gonna come out and they will put specials out on the 08's.. so if you can buy an 08 instead of 09 you will probably save atleast 3,000$ in interest and it will still be a new car... well hope i helped you... good luck
2. You will certainly get better rate this time around. That's for sure as your Credit Score has gone up. You will have to shop around though. First off, you can only shop around with less than 3-5 institutions. Any more than that and it will hit your score. Try at least one large institution & one small credit union. Also ask Nissan Finance what they have to offer. Nissan does not have a Loan Rate offer. They have a Lease offer of 39 Months - $339/Month with $2,999 initial payment on the Maxima. So they will offer based on your Score. Go with the lowest one. You can entice the institution with a promise to Refinance your existing loan with them. As to the Down payment, put up as much as possible. Make sure you give that cash to the dealer. So he will put a smaller amount on the Purchase invoice. Consequently finance amount & interest is lowered. If you give that amount to the bank then your finance amount will be the full price of the car. So extra interest for no reason. How do I get lowest interest rate ? If there's at least a month or two before you buy the car, you can pay off and clear all credit cards. If they are cleared away already, make a payment on the existing loan greater than due amount. Say your due is $450 you pay $600. That helps. But remember you can do this only if you have at least 1-2 months before you apply for the new loan. Lastly do your homework right. The market is tight. Many people are getting great deals especially from Nissan. Do this right and get the lowest possible price. Don't tell the dealer up front that you are going to finance. Then he will fleece & pad. Use Fighting Chance http://www.fightingchance.com !0 Steps to buying a new Car http://www.edmunds.com/advice/buying/articles/78386/article.html Good Luck.
3. Using a new car as security, it was from 7.9 per cent. Without security there was a special of 8.6 per cent, but usually its the older the car, the higher the rates – 4-5 years is 10.5 per cent while an old bangers attracting a rate of 13.9 per cent-plus. For your reference http://www.carloan123.net you can try this source.