A Guide To Comparing Used Car Loan Rates
If you wish to get the perfect car loan that fits your budget, it's foolhardy to only sign-up when
you haven't determined all of your available options. Before doing so, you might want to
consider first the figures that you'll be working with.
As soon as you've determined the model of the car that you want, where you will be getting the
loan from, and your monthly allowance for the used car loan payment, you may proceed with
signing up. You then will be on your way to owning the vehicle that you simply want.
You will find a lot of web sites online which offer auto loan rate calculators.
These rates differ by state and city. There are also online lenders who offer a cheaper rate,
compared to getting car loans via banks who - more often than not - deny your loan application,
especially for used vehicles.
Research on-line and visit the used car dealers in your area. Collect the price quotes first to
ascertain the current rates for the used cars available in the market.
You can also ask around for the rates. You are bound to get more results by word of mouth,
especially if you know car enthusiasts.
Take the following as a good example of the current used car rates:
In California, 3 lenders who offer used car loans are the Bank of America, Capital One Auto
Finance and Wells Fargo Bank.
For a used car loan, the Bank of America provides 20% down payment and an 11.2% rate.
You'd add to this a $75 fee and a .25% discount with auto debit.
The second lender, that is Capital One Auto Finance, provides a 6.25 % rate and a 20% down
payment. You will find no application fees and prepayment penalties.
Wells Fargo Bank provides an 8.88% rate and a 20% down, a $50 application fee and a .25%
discount with auto debit.
At the end of the day, simply compare these three rates and figure out which offer would fit your
Furthermore think about the distance, mileage and the final asking price.
One more thing that you ought to think about when comparing rates is the number of months for
you to make the payments.
There are numerous options. Several lenders offer a 36 month used car loan. For higher asking
prices, longer payment terms can be found.
For a 36-month used car loan, for example, the rate offered is 8.31%. This rate increases as the
number of months increase.
After researching and looking through all of your options, choose the lowest rate that you can
get and keep in mind not to overspend when you have already reached a particular target
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