What is the average rate of interest on a 5 or 6 yr car loan?

Answers:4   |   LastUpdateAt:2012-09-19 19:00:02  

Asked at 2012-08-19 04:50:03
It gives me 19.5 is as bad or good as I have trouble getting credit
Answer1mirAnswered at 2012-08-21 15:12:04
This means that you can not afford that car . MedlinePlus MedlinePlus Of course , you're always welcome ( and others) to return later with a spot in the line of " bad decision to buy a car ... how do I get rid of it without losing money on it ? " ... get in line , we get that every day and there is no good answer to that.
Answer2shandellAnswered at 2012-08-28 05:00:02
That is very high . I have a loan of $ 20,000 for 5 years in 2007 to 6% insterest a 5 year old Lexus . You should not accept anything above 12 % .
Answer3LilAnswered at 2012-09-02 04:44:02
It is extremely high . MedlinePlus MedlinePlus For people with bad credit lenders can basically charge what they want . We are stealing , just because you can and if there are no other alternatives that the buyer agrees in general. MedlinePlus MedlinePlus A reasonable interest rate on a loan is below 10 % . MedlinePlus MedlinePlus One more thing . NEVER get a used car loan for 5 or 6 years. That's too long for a used car . Especially one that charges 20% interest . MedlinePlus MedlinePlus If you have to finance keep interest rates as low as possible . Stay 3 or 4 years maximum loan . Stay away from lenders amd 20% stake to keep the price of used cars under $ 5000. MedlinePlus MedlinePlus The best option is to pay cash , do not be fooled by predatory lenders .
Answer4MacailaAnswered at 2012-09-19 19:00:02
19.5% is the interest rate credit card . BAD credit card rates . That is atrocious . Can a co -signer help ? If you are having trouble getting credit , a cosigner can really help. If no endorsement , then shop around , 19.5 % interest is frankly a steal . MedlinePlus MedlinePlus By the way , if you borrow more than 5 or 6 years , the car depreciates in value faster than the loan. Therefore, if you have a car accident in, say , three years , which withdraws the car - or if you just want to sell in 3 years? You will not be able to repay the loan with the money you get for the car, and you'll end up making payments on a car you do not even have . MedlinePlus MedlinePlus You really should not borrow more than four years on a new car or a used one 3 years .
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