Overhaulin'

A new car loan with a 13% interest rate.?

I'm looking to buy a car soon and my credit score is about 617. I spoke to Capital One and they told me 13% APR. I don't know if its just me or does this not seem like a total screwjob. The loan term was 66 months and I make somewhere in the 50K - 70K range FYI. The question is, does anyone think I can get a much better rate with my credit or is this as good as it will get for me even if am a first time buyer? The car I'm interested in is a 2009 nissan murano LE. I've been working at my job for 5 months and I purchased my house 6 months ago.

Public Comments

1. Shop around. If you don't belong to a credit union, think about joining one. I have three car loans with mine, cosigned for my kids. My interest rates are from 6.5% to 8.5%.
2. Couple of Questions: 1. What kind of Car are you wanting to purchase? New or Used? 2. Have you ever purchased a Car Before? 3. Time on job / @ Residence? Depending on the answers to these questions directly reflects what any honest answer to you would be. Its not always score that matters, although it does have a big impact. Have you tried a Local Bank or Credit Union that you do business with? On many occasisons, Cap One is not where you will get the best rate, although their approvals are usually very fast and painless. If you are a First Time Buyer, then I would safely say that the rate they are giving you within 2 Points at most is pretty fair .... Chris * To the Ford Interest Rates....for models/makers who are having troubles right now, that may be the case....hence the reason of me saying it depends on what Make/Model you are buying as to what rates are available. Ford / Chevy / Dodge and the like are doing anything they can to drum up Sales. ...including lowering rates and giving major rebates....so in their case that might be true....but that doesnt mean it would apply to Honda / Toyota / Nissan etc... Chris * In response to your car Choice.... Nissan Motor Credit will not be able to beat that....with your Situation. Try the Credit Union Route or call Cap One and see if you can talk to someone in the Lending Dept. to better the rate....but once again....the Lowest I would say you could maybe get would be around the 11's....just my opinion though, based on your info you have given here.
3. i am in the car business...and that is ridiculous. i would shop for a better rate, and consider a different dealership. you shoul get a better rate than that. good luck.
4. my credit is worse than yours and i got 8.1% on a $22,000 car. Try going to a dealership and see what they can offer u. My loan is through Ford credit and they've been very good to me. Remember the more cash you have to put down on your vehicle can also factor into bringing that interest rate down. Good luck.
5. You will always get a better rate at your local bank and or credit union because they are more willing to help you.
6. Definite screw job! Keep looking around. Your bank or credit union should be able to beat that easily. Heck even the dealer's financing (not always recommended) may be able to beat that! Keep looking.