Auto Loan Finder
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Determining the Amount of Interest on a Vehicle LoanHow much the loan to purchase your vehicle will cost in terms of interest? Well, there are many factors that determine the amount - including type of buyer and type of loan Your FICO ScoreOne of the most important factors that will determine your interest is your FICO credit score. If your credit score is 650 or above, you will definitely pay less interest than a borrower whose credit score is lower. Lenders assume that there is less risk involved in writing automobile loans for borrowers with high credit scores.Down PaymentsThe amount of financing you receive will also determine your rate. If you receive 100% financing, you will pay more interest than if you make a down payment towards the purchase. So, the bigger the down payment the smaller the interest rate. Please note that some lendors may as for as much as a 20% down payment before approving the financing terms.Length Of Loan TermThe length that you finance your vehicle also determines the rate of interest. Typically, automobile loans run from 3 to 5 years. The longer it takes to pay off, the higher the rate of interest. Alternately, if you are paying off your car sooner, your interest rate will be lower because the lender is planning to be repaid sooner. Keep in mind, however, that paying your car off over a longer period of time is an option that should be considered for those borrowers who do not wish to face a big monthly payment. Shorter terms mean bigger payments, longer terms mean smaller payments.Lenders That Save You MoneyThe interest is also determined by the lender that you use. Online lenders typically offer lower rates of interest than lenders in a community based bank or lending institution. Rates are lower due to the higher rate of competition amongst online lenders. Also, many online lenders provide loans that are pre-approved - this gives you bargaining power when you go vehicle shopping, as opposed to waiting for dealer financing and haggling over the price of the car. |
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