What kind of interest rate do first time buyers get on auto loans?

What kind of interest rate do first time buyers get on auto loans?

What other expenses do I need to be aware of when buying a new car? What sort of Insurance rates will I be expecting? Thank You.

Lisa

You really need to shop around if you want a good rate. My credit union said since I was a first time buyer then I could be financed at 15%. I was like 15% are you crazy? I have GOOD credit! So I went to another credit union and I told them I have good credit and would like a loan at a good rate even though I am a first time buyer. They said well being a first time buyer doesn't matter! Then they checked my credit and came up with the excuse "You're new to credit so you need a co-signer" I was like WTF? Granted I got my first credit card when I was 19 and bought my car a year and a half later (6 months ago) I like to think of myself as an independent person so I was like HELL NO! So the car company(Toyota) was said oh we can give you maybe 12%. I was still like hell no. I have good credit I do not expect to pay double digit interest on my car. So I tried through Cap 1 and they approved me for 7%!! (It was 7.5% but they take off .5% for auto payment) SO I took my confirmation email to the car place and so the manager in the credit department did his stuff and got me a loan through toyota financial @ 6.5%! Yay!! I thought that was quite a deal so obviously I took it. I bought a 2007 Toyota Yaris and the insurance on that is $220 a month (That also includes another car with the super basic insurance on the spare car, a speeding ticket, and a car accident)Farmers I find to be the cheapest. You also have to get it registered which cost money. And um...I don't know. It was pretty simple, bring a down payment and all the taxes and stuff was put into the loan.

Sherri

Do you have other credit in good standing? Sometimes, the major auto companies offer special financing rates for first-time buyers. My first car I financed at 8%, but I had little credit during that time. Also, insurance will depend on make and model of the vehicle, your location and driving record, as well as your age.

SPIFIMAN1

Auto finance is what I do for a living and auto loans are based on the following factors-1. LTV (loan to value).2. Term requested.3. Age of vehicle.4. Miles on vehicle.5. Down payment.6. Time on job.7. Time at residence.8. Monthly income before taxes.9. Credit score/profile.The real answer is that no one on this site can actually tell you what your rate will be.Based on how the above numbers are submitted to the lender, it could be anywhere from 6.5% to 21%.The only way to know for sure is to go to your local dealer and work with them.Source(s):Finance Manager for a car dealer for over 7-years.

C

all depends on your credit score.

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