Overhaulin'

What is a good car loan interest rate?

I'm planning to buy a 2005 Nissan Altima for $8500. The dealership is still running through their banks to find out what my payments would be and stuff. I'm also checking with my own banks, and my parent's credit union to see what I can get. I really have no idea what I should be looking for in an interest rate. I don't know what's too high, or what is ideal. Of course I'm going to go with whatever is lowest out of the banks, but I want to know what to expect before I sign those papers. What should I expect for an interest rate? I owe almost $3000 on my credit cards. I have a $5000 student loan that I haven't started paying yet (because I'm not done with school) and my credit score is almost 650. What's a good rate and what should I expect?

Public Comments

1. Maybe you should try asking that in the car section, unless of course you plan on living in it after you buy it.
2. You are in school, have $5K in loans and $3K in credit card debt, and you think it is a good idea to finance a car?!?!?! Horrible idea. Buy a good cheap used car for CASH.
3. This is the best place I've found for finding out current interest rates. With a 650 though you are probably looking at something higher. (maybe 9-10%)
4. You will likely regret buying this car on credit. Even if you get a low interest rate you will be forcing yourself to continue running that credit card debt. Do get that credit card debt cleared up first, and probably plan to defer buying a car until you have an urgent need for one... work that you can not get to otherwise, for example. Is a Credit union loans committee person I would not at all wish to see you get into further debt right now.
5. i think you are better off getting a personal loan rather than an car loan as the interest rates are usually lower. Get all information about it at: a good website I've bookmarked this site to go back to next time I need a loan... http://www.knowledged.info/go.php?link=auto Take care.