Looing for a used car for my son. What auto loan interest rate can I expect?
My credit is good, and I’ve had the same job for 19 years
So no one can give me a ball park figure? Maybe a high and low estimate
Auto finance is what I do for a living and with the limited amount of information you have provided there is no one here that can answer your question.
I can however tell you what auto loans are based on;
!. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time at residence.
7. Time on job.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
Depending on how the above numbers are submitted to the lenders will determine your interest rate.
Good luck.
It would depend wholly on what’s in your credit file, your credit score and ability to repay the loan (e.g. your job history and salary).
You excluded all of those details in this question, so it would be impossible to give you a remotely accurate answer.
References :
Auto finance is what I do for a living and with the limited amount of information you have provided there is no one here that can answer your question.
I can however tell you what auto loans are based on;
!. LTV (loan to value).
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time at residence.
7. Time on job.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
Depending on how the above numbers are submitted to the lenders will determine your interest rate.
Good luck.
References :
Finance Manager for a car dealer for over 8-years.