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Auto Loan Rates

The most common question we receive from applicants is, "What kind of interest rate can I expect for my auto loan?". Premier Auto Financing will be able to offer you the lowest possible interest rate for your financing. The interest you receive will depend on a couple of aspects.

Important Factors the Determine Interest Rates:
1. What kind of credit you have in the most critical factor in determining interest rates. Obviously, individuals with bad credit are going to receive higher interest rates than those with good credit. People with no credit will receive a higher rate than individuals with good credit but less than bad credit applicants.
2. Are you buying a new or used vehicle? New cars tend to have lower interest rates than new cars. Determine if buying new or pre-owned is better for you.
3. How much are you looking to borrow? A typical rule of thumb is, the more you borrow, the higher your interest rate will be.
4. How much down payment are you going to leave? If you leave 20% or more, you can expect a lower interest rate than if you leave no deposit. Regardless of what kind of deposit you leave, your chances for approval will remain the same. Also, the interest rates listed below are based on minimal or no down payments.
5. How long do you want the length of the loan to be. The longer the loan term, the higher the interest rate associated with both new and used car loans. You will end up paying less monthly but more money in interest over the life of the loan.

** If you have bad credit or no credit, having a co-signer for your auto loan will help you obtain a lower interest rate than if you were to apply on your own.

Below is a table with hypothetical breakdowns of what one can expect to pay for their auto loan interest rates.

It is a good idea to check out the car loan calculator to see what you can afford. Understanding how car loan payments work is also important.


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The table below is based on a new car loan of $23,000:
Apply now for a new car loans.
  36 month loan terms 60 month loan term
Credit Type APR Monthly Payment APR Monthly Payment
Great 5.25% $692 5.50% $437
Good 7.25% $713 7.50% $461
Average 7.60% $715 8.00% $466
Fair 8.21% $723 9.25% $480
Bad APR between 13% to 20%. Payments between to $450 to $750

The table below is based on a used car loan of $15,000:
Apply now for used car loans.

  36 month loan terms 60 month loan term
Credit Type APR Monthly Payment APR Monthly Payment
Great 6.00% $456 6.50% $293
Good 7.50% $467 7.75% $302
Average 7.75% $468 8.10% $305
Fair 9.00% $477 10.00% $319
Bad APR between 15% to 20.50%. Payments between to $350 to $600

Interest rates will be different for every applicant, good or bad credit. If you do not know what kind of credit you have, we suggest that you get a free copy of your credit report before applying for an auto loan.

Please contact us for pickup truck loan rates.

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