What are good interest rates on a used car loan?

I need to get a car loan really soon, and I wanted to know... what should agood interest rate be on a used ride... say 06'?

14 Answers

  • 1 decade ago
    Best Answer

    It will really depend on your credit score as well as the loan circumstances. In addition, certified pre-owned vehicles will tend to have the best rates. Pontiac even offers 3.9% on certified used cars, however if you go through an outside lender, then your credit will play a major factor in the rate.

    One thing to also note for you is that some lenders use a tier system, which sometimes give people with a lower credit score a good interest rate provided they have goo income, stable job history, low debt-to-income, and a good loan-to-value. If you get 6.9 - 7.9 on a non-certified car, you're doing good. I hope this helps.

    Source(s): Lead Programmer for The Auto Evaluator
  • 3 years ago


    Source(s): Super Fast Car Loans : http://CarLoan.trustdd.com/?Htrp
  • 1 decade ago

    Your interest rate will be determined by your credit rating, the age of the car and the length of the loan.

    Try your local Credit Unions for the best rates. At mine you can get a loan below 4% but the most common rate for a 4 or 5 year loan for a car that is no more than 4 years old is in the mid 5% to over 7% range.

  • 4 years ago

    Its a HUGE mistake. You don't spend $19,000 to rebuild your credit ! And with an old BMW that will likely need expensive repairs long before the note is paid. Buy a $5000-7000 car for cash and take out a $5000 12 month loan at a credit union. Make it a secured loan, that is, you borrow the $5000 but agree to leave it on deposit as security for the loan. Then pay it off every month. A year from now, you will have improved credit and $5000. And, if you want to get a nicer car at that time, you have $5000 plus your trade. Stay away from luxury cars. Repairs & maintenance are too expensive. And 21% is WAY too high a rate. I belong to 2 credit unions. One has 2.49% and the other 2.99%.

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  • 1 decade ago

    With good credit the rates are are starting around 6% for a 36 month term.

    To get the best rate and price possible, go to your own bank or credit union and get pre-approved for a loan through them.

    Source(s): Work in a dealership
  • Anonymous
    1 decade ago

    If you go to searchautoreviews.com, to search with "used car loan", you should find some good deals.

    Here is the link:


    Good luck!

  • Anonymous
    1 decade ago


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    4 years ago

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  • brandy
    Lv 4
    3 years ago

    I had asked this same question 2 times, and did not get a good answer

  • 1 decade ago

    depends where you live and what they are offering the best I've seen in UT is 6% through Golden West Credit Union

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