Overhaulin'

Bankrate.com New car loan rates?

I was just looking around and I came across bankrate.com and it said the following: Someone taking out a $22,000.00 72-month new-car loan at the current average would pay $126.87 a month for the life of the loan. In Racine, the highest rate on a 72-month new-car loan was 7.99 percent. The lowest rate in Racine was 5.84 percent. Six months ago, the average rate was 6.87 percent. This was posted on their site yesterday. I was estimating the payment for a Ford Focus ($15,000) and in order to can anywhere near the payment they day the average is for a 22,000 card loan is to pay about half the cost of the Focus in down payment, or the like, and have an apr below 4%. How does bankrate come up with that number when it doesn't seem to fit with estimates at car sites?

Public Comments

1. You apparently put in information at Bankrate that doesn't match what you're asking. 72 payments of $126 would be less than $10k.