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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
my sister in California is looking to buy a car. Her FICO score is 679 it would be on a three year loan of under 20,000 with 5,000 down. What kind of interest rate would she expect.
thank you for your time
Answer
If your sister's name is Judith I just answered this for her. If not than there is a person with the same credit score and the same loan amount asking me the same question today. That would be very odd.... oh well. Your rate will be around 8-9%. The year of the vehicle also affects the rate (the older the car the higher the rate).
Good Luck to ya, Shane
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