Auto Loan Interest Rate?

Question

Does a dealership have to tell you the interest rate of a vehicle you want to purchase?

Answer 1

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Answer 2

Car dealers don't set interest rates -- his finance company, or your owns bank does. Furthermore, it depends on the bank or finance company, your credit history and score, and whether it's a brand new or used car.

Answer 3

I've turned down final contracts due to the interest rate as I was able to get better from a local bank that I didn't even have an account at

Answer 4

i would never waste money on paying for finance ..its a double whammy ..paying interest and depreciation ....but if i was going down that path i would want to know the interest BEFORE  i even looked at a car ..if he wont disclose ..walk away  

Answer 5

It has to be stated on the finance contract.  Vehicles don't have interest rates, finance contracts do.

Answer 6

Yes.  But also look for them to be less than honest.

Answer 7

The rate you get isn’t based solely on the vehicle. Your creditworthiness dictates the lending rate. The dealer has no way of giving you a rate unless and until you file a credit application and you are approved for a purchase.

After your approval, disclosures may vary by state. You ask a very good question, because most buyers don’t realize that the finance manager may charge you a higher interest rate than the lender actually approved.In my state, if a buyer says, “What interest rate did this lender approve for me?” The finance manager must disclose the actual rate. If you don’t ask, he can raise the rate and keep the difference as profit.