Lowest Used Car Loan Rates

Also make sure when you go to purchase a car you are getting it for the best price by purchasing your car at the best time of the year.

Lowest used car loan rates. Why are used car loan rates higher. Used car buyers tend to have lower credit scores according to edmunds which is another reason interest rate are higher on used vehicles. But you will be required to provide a substantial down payment and the interest rate can be as high as 19 which is a lot. Auto loans for used cars generally come at higher interest rates.

Suntrust used auto loans offer competitive interest rates and flexible terms. A 5 year fixed rate used car loan for 25000 would have 60 monthly payments of 450 each at an annual percentage rate apr of 299. See rates for new and used car loans and find auto loan refinance rates from lenders. Compare auto loan rates.

A 5 year fixed rate refinance loan for 23000 would have 60 monthly payments of 421 each at an annual percentage rate apr of 369. Credit scores of 719 for a new car or 655 for a used car or higher will help you qualify for the lowest auto loan interest rates. Vehicle make model and year. Brand new cars generally receive the lowest rates.

Lenders make up for the inherent risk in offering subprime loans or refinance deals by charging higher interest rates which is why auto refinance rates are often quite high. Lendingtree helps you compare auto loan rates and loan terms from multiple lenders. In theory there isnt a general minimum credit score required to get a car loan. Monthly payments for a 10000 loan at 349 apr with a term of 3 years would result in 36 monthly payments of 29298.

To that end we researched the best auto loans of 2020 whether youre purchasing or refinancing or if youre a credit union loyalist or an online only type of shopper. Compare different types of auto loans including new and used car loans and auto refinancing options whether youre buying from a dealer or a private seller. Its easy to apply and fast to get access to your funds. Even if your credit score is lower you may still qualify for.

Though some automakers have recently extended 0 percent financing to longer term loans for promotions generally speaking. These loans include fixed rates mechanical repair coverage and a simple interest method that allows you to pay less over the length of the loan. Also the older a car is the higher the interest rate offered.