Auto loan interest rate credit score – For example if you have a good credit score you may be able to finance 30 000 for a new vehicle with a 3 99 apr over 60 months. Even if your credit score is relatively high you may still end up with a higher interest rate.
Factors that can impact your auto loan interest rate include.
Auto loan interest rate credit score – The longer your repayment term the more risk it carries for the lender both that you might default on. In this scenario your monthly payment would be 552 and you d pay 3 120 in interest over the life of the loan. In the second quarter of 2020 the average auto loan rate for a new car was 5 15 while the. Auto loan interest rate credit score
Individuals with a 780 fico credit score pay a normal 3 4 interest rate for a 60 month new auto loan beginning in august 2017 while individuals with low fico scores 500 589 were charged 14 8 in interest over a similar term. Credit score and history. All the calculation and examples below are just an estimation. Auto loan interest rate credit score