Posts Tagged ‘used car finance rates’
Used Car Finance
July 25th, 2010
Question: Will a bank allow me to finance a used car from an individual seller?
I want to buy a used car from this guy, but he's not at a dealership or anything. If I get approved for a loan from a bank, will they give me a check that I can give to him for the balance of the car that I want to pay off?
Answer: Financed cars is more expensive to insurance cause it requires full coverage. You can compare how much you would pay for full coverage of this car using this tool - carinsurance.deep-ice.com
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Used Car Finance Rate
July 20th, 2008
Question: Wants to get a better finance rate with a used car.?
I am trying to buy a used car of about 24K. I am ready to put a down payment of around 5K. I checked with a credit union near by and they are quoting me 14% interest rate for a 4 year loan 
.
My credit history is bad. It is around 689/638/640 today. It used to be pretty good before. 3-4 months back it was 740/660/660. As stupid as I may be, I had closed 2 creditcards which I never used. I have credit history dating back to only 2 years, and I pay all due amount everymonth, and I had missed only one payment of 20$ once.
I have a good stable 100K job. And I want to know what my options are to get 5-6% interest rate . Any help would be great.
Answer: From your description, it also sounds like you have no "high credit" in your past either. Just some credit cards, right? That is another factor affection the loan decision. A person can have a 780 score, but just have 5-6 credit cards with $500 balances. That will still affect the decision since there is no proof you can or will maintain high, long-term debt.
Also, since the CU is only allowing 48 months, I assume this is an older used car. On newer used cars, they will go to 60 months. So if you are on an older car, that too affects the rate and term.
Try lendingttree - www.lendingtree.com - they are an intermediary service that shops your credit app to 4 lenders likely to approve your loan. Pick the best one they come up with, or stay with your credit union.
Also, as others have said, with your income you could save for a few months and pay cash for a nice car. No debt, no interest, and smarter dealings. If you have the itch and just have to scratch it though, try lendingtree.
Customers "Tell All" About Used Car Dealers in Ocala Florida