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
Factors the Determine Interest Rates:
1. What kind of credit you have in the
most critical factor in determining interest
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
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
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
your auto loan will help you obtain a lower
interest rate than if you were to apply on
Below is a table
with hypothetical breakdowns of what one can
expect to pay for their auto loan interest
It is a good
idea to check out the
calculator to see what you can afford.
payments work is also important.