Well, your credit rating will be extremely important. If you have demonstrated a poor financial background then this will show on your credit report and you will be seen as more of a risk from any auto lender. As a result, the car loan interest rates that you have to pay will always be higher. A good credit rating will help you to achieve much more affordable and competitive auto loan interest rates.
The year of the vehicle is also important. In general used cars loans will have higher interest rates than new cars. Essentially, auto loans are secured loans with the vehicle as collateral, and as such the older the car is, the higher the interest rates on it are likely to be.
The length of the auto loan is certainly important as well, and interest rates can vary significantly depending upon how long the auto loan is taken out for. In general, the longer the loan is, the higher the interest rate will be, and therefore many people choose to take a shorter term car loan if financially viable.
The amount financed is another factor that will influence the interest rates on your car loan. Most lenders will have a minimum amount to finance guideline, usually no lower than $5000. If any auto loan is below this amount they will have trouble trying to make any money off it, and if they were to approve a loan amount under their minimum it would usually have the highest possible interest rates attached to it.
Finally, state guidelines will also play a part in any car loan that you want. Many states have maximum cap rules which will prevent them from charging any auto loan rate they would like.
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