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Interest Rate on an Auto Loan?
Can anyone give an estimate of what my interest rate would be with a credit score of 630?
3 Answers
- ?Lv 79 years agoFavorite Answer
Auto finance is what I do for a living and there are 10 things that go into making up a car deal weather it's purchase or a lease.
1. Term of loan. Shorter the better.
2. Age of vehicle. Newer the better.
3. Miles on vehicle. Lower the better.
4. Amount to finance compared to book value. Lower the better.
5. Credit score. Higher the better.
6. Credit profile. Deeper the better.
7. Down payment. More the better.
8. Monthly income. Higher the better.
9. Time on job. Longer the better.
10. Time at residence. Longer the better.
All of the above are taken into consideration.
As you can see score is only one factor, so without seeing the whole picture it's impossible to answer your question because all of the above factor into your interest rate.
Source(s): Finance Manager for a car dealer for over 12-years.
