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About Shane
Expertise
Understanding how your credit report is used when purchasing a vehicle. Understanding the "Simple Interest Contract". When to put money down and why. I can give you some basic questions to ask the dealer befor signing your papers. I can answer about any question you have about buying a used car from a dealer. I am in Michigan and laws do vary from state to state.
Experience
I have been doing Finance for dealers for 12 years, Sub Prime or Special Finance as it is referred to in the buisness. I also have sold cars at Chevy and Ford dealerships for the last 12 years
Education/Credentials
I have finished many schools, clinics and training classes. 12 years of on the job experience.
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You are here: Experts > Autos > Tips on Buying Cars > Used Cars > Interest Rate
Expert: Shane
Date: 9/2/2008
Subject: Interest Rate
Question
Hello,
I am looking into purchasing a used car and have a FICO score of 679, what interest rate should i expect to have? i am hoping to spend no more than $20,000.
Answer
Hello Judith, The interest rate will depend on 3 variables. Your score, the year of the vehicle and the amount you plan to finance. It also varies from state to state and bank to bank. With a score of 679 and a amount to finance under $20,000 you should expect a rate around 8-9 percent The year of the vehicle does have an impact on the rate so keep that in mind, the older the car the higher the rate. Check with a local credit union, they use a flat rate system, that means that everyone gets the same rate regardless of your score(sometimes as low as 4.99%). That would be a bonus for you! Hope this helps. Shane
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