Question by richard c: on a bad credit car loan what interest rates can i expect?
i just bought a chevy aveo ,new, and i got 13 percent interest rates.I put 00 down.Would anyone know if this is bad credit interest or average credit interest.I know that in california if you get six to seven percent interest this is good credit. hopefully someone that works in financing can answer this,as the car dealer will not tell me if i was found to have my credit good or bad.Note:i have my 3 trw’s.
Best answer:
Answer by melkaylo
I have a bankruptcy in my past and both of my boy’s vehicles were on it and I just bought a used 2007 Taurus and got 8%. This is in Nebraska.
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Arkansas banks under supervision grow: volume of problem loans rising faster than national rate.(Banking & Finance includes “Highest Loan Delinquency Ratios” … table): An article from: Arkansas Business
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Title: Arkansas banks under supervision grow: volume of problem loans rising faster than national rate.(Banking & Finance includes “Highest Loan Delinquency Ratios” statistical table)
Author: George Waldon
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Date: October 27, 2003
Publisher: Journal Publishing, Inc.
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I dont know either as I do think that used cars command a higher interest rate than new cars do.
With that said, it is hard to say if you got a good deal or a bad one since your actual score is not stated nor is your current situation (income, debt ratio etc)
What is done is done. Don’t sweat it now as there is not much you can do about it. CHECK THE PAPERWORK and see about making a few extra payment if there is no prepayment penalty. Even a few extra payments a year could slice several hundred bucks off of a higher interest rate.
Futhermore, when you are in the market for another car try checking out kelley blue book online to see what the car is actually worth (www.kbb.com).
In general, the used car dealers get ya with the interest rates and with the inflated price of the used car.
4k down is a fantastic downpayment and with you being able to save that much money, your credit is on its way to a serious rebound.
If you are a member of a credit union, why not check with them about refinancing the note for a better rate after a year of ontime payments. Best of luck to you in getting the bad taste of used car salesman out of your mouth!