[Average Interest Rate On Car Loans] Interest rate on a $5000 car loan fro Wells Fargo during 48 months?

average interest rate on car loans

Average Interest Rate On Car Loans
I have horrible credit, but my mom has fantastic credit(850 is her credit score) and she is willing to co-sign for me. The car I want will probably cost $ 5000. I have $ 2000 saved up, $ 1000 will be a cash deposit for the car and the other $ 1000 will go straight to the loan. So, I technically need a $ 4000 dollar loan but with the remaining amount of the $ 5000 loan I want will be used for the taxes, registration etc… Ok back tale over, Its a Wells Fargo $ 5000 car loan during 48 months and a co signer with a credit score of 850. What should be my average interest rate?
The car is a 1998 Mercedes C280.

Joe Williams
SAVE YOUR MONEY. TAKE THE BUS, it will pay off. I’ve been working part time for 1 and a half year, and im going to college, saved up more that what that car is worth. You have to look at all your options. You never want to be in the red. What about maintaince, gas, insurance, other cost. People in this side of the world, spend more than they have. Don’t be one of them.
TiggyWiggy
With such a excellent co-signer, your interest rate will be in the 4% range, maybe 5% although rates for used cars are a bit higher than for new cars. So, let’s say 6%.

Sometimes banks don’t like to give loans for older cars and relatively small loan amounts. So check with Wells Fargo and get pre-approved before you buy.

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[Car Loan Interest Rates 2010] Is this a good mortgage rate/deal or can I do better.?

car loan interest rates 2010

Car Loan Interest Rates 2010
I’m trying to buy a 107,900 condo conversion in Madison WI, property tax is roughly 2000. I make 30,000 a year, am single, and have enough in savings pay the 5% down and closing fees. My credit score is a 768 but my debt ratio with the home will be 44%. I have been denied both WHEDA and a VA loan because of this debt ratio. My only debt is my car payment, which is up in 2010. I have been offered a plot with no PMI and 6.75 interest though a local bank. Is this a excellent deal or can I do better. I’m somewhat wary of this loan officer since he pre-approved me for up to 105,000 in loan amount to get a WHEDA or VA loan, when I was in that mortgage range, he then told me my debt radio was still to high. I had told my debt, saving, income and credit score before I started my house search. My offer has been accepted for the place and I have until Wednesday to get financing, I do have the option written into the contract to extended my financing search up to another week if I choose though. Also I would prefer a fix rate for 30 years verses a 5 year ARM which I know is often a option.
My condo friendship fee covers my exterior home insurance, water and sewer plus a reserve fund. My condo insurance for the interior will be around 100 per year. The seller of the condo is covering those fees until 2010, my car is paid off with two month after I have to start paying the fee. They have counted both my condo fees and tax payments into the ratio.
If people still reckon this is too much for be to take, be honesty, I am willing to reconsider my choice and keep renting. My mortage including property taxes would be 80 dollars more then I pay in rent right now (I’ve been renting at this amount for two years). I reckon I can make it and this condo is a steal for the price plus I can get into the market before interest rates get to high. But honest opinion are greatly welcomed, I don’t want to end up in financial distress at the same time.

sinyorita
44% is too high a debt ratio. Have you seen the Excellent Faith Estimate for the loan approval to make sure that there is also no prepayment penalties and that it also includes your taxes?

Frankly I reckon you are stretching yourself too thin by getting the condo when your debt ratio is so high. The best thing for you to do right now would be to pay off your car loan and then save for downpayment. There are a lot of expenses that comes with a house and a lot of surprises too so you need to have a decent debt ratio so that you can manage the first year of owning a home without breaking the bank. Does this 44% also include home owners insurance?

Once you lower your debt ratio you might get better financing.

Answers Guru
44% ratio is a bit high. Typically it should be less than about 36%.

Regarding the rate itself (6.75%) seems to be OK, but a small on the higher side. Your score (768) is fantastic, but you are putting only 5% down, as opposed to square 20%. Choice between 30 years fixed vs. 5 year ARM should depend on what you reckon about interest rates in the future – hard thing to guess. But remember, if you plot to refinance in the future, that has an associated cost as well. Without knowing a lots of other details, my sanction would be to go for 30 years, especially if you don’t have pre-payment penalties.

Now, regarding renting vs. buying, I would strongly recommend buying, if you can somehow make it./

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How can I get a car loan that’s in my mom’s name switched to my name.?

how to lower interest rates on car loans

How To Lower Interest Rates On Car Loans
A small over a year ago, my mom signed a car loan for me through Nissan financing. We were both approved for a loan, but she has better credit and got a lower interest rate/lower monthly payment (like $ 100 less per month).

I have made every payment on the car for the past year. I now have a job that pays more and I can afford to pay the extra money. I want the car in my name so that it can help build my credit.

What should I do? Is there a way that I can go through Nissan and have them place the loan in my name?

Thanks!

Russ B
It would require refinancing. You cant just change the name. Your mom is reliable for the loan, and the only way to make it in your name is to refinance.
Andrew
of coarse if your under the age of 18, no. But, all you should be able to do is go to the bank, with proof of a job that pays you enough (pay check stub), and there shouldnt be no problem
12pleze
Yes. you really have to re-buy your car at bank. What is differance. by time you buy your car, you will not be saving anything. Also without credit that is excellent you will be paying a down payment and higher Apr. You have to have made 1500.00 a month for last year, have 2 utility bills in your name, YTD stubs, 10 complete refrences, a 1-2000 secondarybank fee, and finance at least 10,000 and add the bank fee, tax, tag, doc fees and you may or may not get approved.
Dogbettor
You have to buy the car from her for the payoff figure. You will need to pay taxes on that amount and re-register and insure the car. To borrow the money from Nissan would require that you buy the car through a Nissan dealer. You could borrow from a bank with your Mom as a cosigner if you are credit worthy. If the car doesn’t book out for the payoff figure you would need to place a down payment toward the price.

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Interest Rate Calculation?

calculate car loan interest rate

Calculate Car Loan Interest Rate
Is there a way I can calculate a combined interest rate on all my debt? Example – paying mortgage $ 1500/month at 6%, credit card for $ 250/month at 20%, credit card for $ 300/month at 30%, car loan for $ 350/month at 8%, student loan at $ 200/month at 7.50% – is there a way to combine all of the debt and figure out what the interest rate is on the combined debt?

hirebookkeeper
I dont know if there is a calculator for this, but you could add up the interest payments in a typical month, divided by the total debt for that month and come up with an average.
edward I
#$ %%*()!!@&())(_++%@!~!@!##
If you want it only on a month’s payments, your statements should show the interest part for each.

If you total the interest, then divide that by the total of the principal payments only.
If you want the figures for the life of each loan, you need to amortize each one, then total the interest and divide that by the total of the loans.
This would scare the shi* out me to know this. &&)*()(##$
20% & 30 % interest? You need a credit counseler.

As above, you can amortize on Excel if you have the software.

Mr Chris
If you have the balances rather than just the payments you can do it. You can get pretty close honestly easily by just taking a weighted weighted average. To be exactly right you will need to get the compounding frequency on each piece of debt. To take the weighted average add up all of your balances. Then divide each balance by the total of all of the balances, this will give you the weight of each balance. Once you’ve done this simply multiply each interest rate by the weight of that respective balance and sum all of them together. It doesn’t work with payments because your auto loan is probably on a 36, 48, 60, or 72 month term whereas your student loan is probably on a 120, 180, or 240 month term. You get the thought I’m sure.
alexa dion
Go to: http://www.credit-card-gallery.com/calculator/ and solve your all credit card calculation problems. Credit card calculators are valuable tools to know the figures about your credit cards. Very useful for establishing credit, credit card calculators help you accurately estimate your credit card payments before hand and paying your cards off.

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How can GM have paid back it’s loans to the Govt using Govt loaned money?

car loan interest rates 2010

Car Loan Interest Rates 2010
And it turns out that they in fact, haven’t paid it back, no where near… THE SPIN ON THIS IS MAKING ME DIZZY!!! (stop the lies, I want to get off)

excerpt…

In small, GM is using government money to pay back government money to get more government money. And at a 2% lower interest rate at that. This is a nifty scheme to refinance GM’s government debt–not pay it back!

GM boasts that, because it is doing so well, it is paying the $ 6.7 billion five years ahead of schedule since it was not due until 2015. So will there be an accelerated payback of the rest of the $ 49.6 billion investment? No. That goal has been pushed back, as it turns out.

The General Accountability Office, on the other hand, remains deeply gloomy. It concluded in a December report (which a more recent April report has said nothing to contradict, despite media spin to the contrary) that: “The Treasury is unlikely to recover the entirety of its investment in Chrysler or GM, given that the companies’ values would have to grow substantially more than they have in the past.”

Mr. Whitacre’s bailout payback ploy is a desperate attempt to win back the car-buying public deeply disgusted by the spectacle of GM rattling its tin-cup before Uncle Sam. But the fact of the matter is that the company is still deep in the hole. It might claw its way back – or it might not. But surely it’s premature for its media boosters to pop open the champagne bottle without getting their tale straight?

http://www.forbes.com/2010/04/23/general-motors-economy-bailout-opinions-columnists-shikha-dalmia.html

SugarBear
At least Madoff went to jail for his Ponzi scheme. How easily the American public is scammed.
James L
Hey buddy can I borrow five dollars? I’ll pay you back real soon.
OK here you go just return it with 5% interest.
Hey buddy, can I borrow five dollars and a quarter?

This is not nearly as terrible as What the US did with the IMF. Last year without a vote, a discussion or much of any media attention, Obama agreed at the G20 to give the IMF one trillion dollars to bailout failing national economies in the developing world. We didn’t have a trillion dollars so he had to borrow it. Then a few months later, the IMF loaned the US 48 billion dollars. Which is about enough money to pay the interest on one year of financing the debt we took out to give them the money that they loaned back to us. Are we going to borrow more money from China to pay off the interest on the loan from the IMF that we got to pay the interest on the loan from China that we took out to give money to the IMF? This kind of circle can go on forever.

L.T.M. un docu mented tax payer
“The Treasury is unlikely to recover the entirety of its investment in Chrysler or GM, given that the companies’ values would have to grow substantially more than they have in the past.”

When the GAO says unlikely you know it’s likely to Never happen. And “to grow substantially more than they have in the past.” ha!.. with the massive dead weight of the unions? NOT likely!

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[Low Interest Rate Car Loans] Should the government back low interest loans for people who buy cars that run on natural gas?

low interest rate car loans

Low Interest Rate Car Loans
A scheme where the government would basically cosign with people who have a minimum net income condition, even if they had terrible credit. So that everyone who bought cars that ran on natural gas could get financing and a low interest rate. This would pay for itself since natural gas is a domestic commodity.

Jeff D
Ha-ha, guaranteeing loans to people with terrible credit. That just never gets ancient, does it?
Typo
No.

Any car that runs on gasoline can be converted to natural gas. Low interest loans for people with terrible credit is simply a quick way to get people with terrible credit into car loans they can’t afford.

How about low interest loans or tax credit for converting cars to run on natural gas?

Also natural gas in not that well loved as a fuel because you simply can’t buy it at the corner gas station. So how about low interest loans for businesses that sell gasoline to add equipment to natural gas?

Small Princess
A better thought would be for the government to stay out of it and let the free market determine who the winners and losers are.

If the government were place in charge of the sand in the Sahara Desert, in ten years, there’d be a shortage of sand. The government doesn’t know anything about markets. That’s why those people went into government instead of the private sector.

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[Average Interest Rate On Car Loans] What is the average interest rate on a car loan?

average interest rate on car loans

Average Interest Rate On Car Loans
I know it depends on your credit, but what if you do not have much credit. What would be an average interest rate on a groundbreaking new car?

nick
if you dont have much credit you wont get a loan lol.
Rob R
Anywhere from 0% to 21%. Impossible question to answer.
TiggyWiggy
Used car rates are higher than new car rates. Longer loan rates are higher than small loan rates. Rates at dealers are usually higher than bank rates (because they add a “reserve” for profit). Rates vary from one dealer to another, and from one bank to another. Rates vary depending on the region of the country.

For people with excellent credit the AVERAGE rate for new cars, according to Bankrate.com (see link below) is 3.13% APR (new car, 36 months) and 4.36% (used car, 36 months).

If you have NO credit, you won’t be approved at all and will need cash or a co-signer. If you credit is poor you can expect rates that are 10 or more points higher than the above rates, depending on who is willing to finance you. If you buy from a “buy-here-pay-here” dealer, the rates will be the highest allowed in that state, typcially in the 25% range.

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[How To Lower Interest Rates On Car Loans] Should I consolidate my credit card debt? If so, how to do it with a low interest rate?

how to lower interest rates on car loans

How To Lower Interest Rates On Car Loans
I have 12,000 in credit card debt. I have 5,500 on one card and about 6,500 on another. The main reason I am so in debt is because I had to live off one of my cards in the month after I graduated from school and I have had to do car repairs and security deposits since then. I have a excellent paying job (I net around $ 730 a week after taxes, insurance, etc). But, I have only been at this job for a small over 4 months and I don’t have fantastic “job stability” according to places I have inquired about loans because I have been on the job for less then a year.

My question is, should I merge all my credit card debt into one loan that is a lower percentage and one simpler to handle payment? (One card is at 9.9% and the other is at 0% for a small less then a year but the payments are hard to handle) If so, how would I get this loan when the only thing of value that I have is my car (worth between 3000 and 4000)?
P.S. I own the car title free and clear

Jeanne R
Here is a plot that can help you. If you work the plot, the plot will work for you:

A. Have a garage sale and sell anything that you no longer need/use
B. Do NOT do a loan consolidation. It will show up to be nearly as terrible as a bankruptcy on your credit report.
C. Consider getting a temporary part time job. Many places are hiring now for the holidays. If you can bring in an extra $ 1,000 per month, then you can dump all of this debt in less than a year. It is better to have a no fun year than a no fun decade.
D. You are netting close to $ 38K per year now. Keep a spending journal for the next two weeks or a month and write down every penny that you spend. I am sure that when you look through that journal, you will find lots of things that can be cut from your budget.

1. Make a budget. Make the budget a week before you get paid. A budget is not a punishment! It is a tool which will free you from ever having to worry about money again. Place everything in your budget. Especially those annual, biannual, or quarterly bills like car registration, insurance, etc. Give every dollar you are going to bring home the name of where it is going. Add an “emergency fund” category to your budget for 25 dollars and save up until you have 1000-1250 dollars. Your emergency fund will help keep you from getting into new debt because of an emergency. If you can, set up a direct transfer to a savings account for your emergency fund. That way it moves automatically and you don’t even have to worry about it. You must cut your spending and live on less than you make.

2.First get current on all of you debts, if you are not already, and make no more late payments, if you have had any. Stop using your credit cards immediately. Do not take on any more debt. Credit cards are like quicksand only the death is much slower. Make a list of all of your debts in order of highest interest rate to lowest interest. Use cash only for your spending from now on.

3.Pay the minimum due on all of your debts and then place your extra money towards paying off the highest interest one first. After you get that one paid off, you place the money you were paying on debt #1 (the minimum payment and the extra payment) towards debt #2. That will pay debt #2 off quicker. When that is paid off, you place all three payments towards card #3 and that one will be paid off pretty quickly. As an example:

To start :
Debt #1 (highest interest): minimum payment+ extra payment
Debt #2 (middle interest): minimum payment
Debt #3(lowest interest): minimum payment

Debt #1: paid off
Debt #2: minimum payment from Debt #1+ Minimum payment from Debt #2 +extra payment
Debt #3: minimum payment

Debt #1: paid off
Debt #2: paid off
Debt #3:Mimimum payment from card #1+ minimum payment from Debt #2+ minimum payment from Debt #3+ extra payment.

That way, you will get them all paid off, on time, and pay the least interest. It will also help towards rebuilding your credit since you will no longer have any late payments. This works no matter how many different debts you may have.

4. After you get all of your debts paid off, add to your emergency fund until you have 6-12 months of income saved up. Place that emergency fund money into a liquid money market fund or into a Bank of America no-risk CD so that if you need the money you can take it out without penalty.

5a. When you have your emergency fund in place, add a category for “fun” to your budget. Save for a holiday, a vacation, a huge screen, or dinners out, whatever goal you want. Remember to delight in your life.

5b. When you have your emergency fund in place, start saving for your retirement. Join the 401(k) plot at work and contribute the maximum. Your employer probably matches at least part of your role so why give up free money? Open a Roth IRA and contribute the maximum on a monthly basis. If you start saving for your retirement now, you will probably retire a millionaire.

5c. When you have your emergency fund in place, start saving for your next car. Only buy cars, or other things that depreciate, with cash. Save up for a nicer car. That way you get the interest instead of paying the interest.

You can do it and it isn’t as hard as you reckon. Just follow the plot.

Google
You can better look at this site for getting credit cards.

http://credit–card.tk/

It give some affordable links. It will help you a lot as it helped me…

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[Average Interest Rate On Car Loans] Personal Finace Help Please (Check My Work?)?

average interest rate on car loans

Average Interest Rate On Car Loans
1. What can be the best type of safety net in hard times? (1 point)
Gambling
Mortgage
Rental property
None of the above*

2. Generally, you need to live in a home ________years to break even on closing costs. (1 point)
One
Two
Three*
Four

3. What is generally the most complicated financial transaction the average American will ever undertake? (1 point)
Buying a boat
Buying a car
Buying a home*
None of the above

4. Real estate is considered a/an ________investment. (1 point)
Illiquid*
Liquid
Sure
Partially-liquid

5. Individual mortgage interest rates are generally determined by what? (1 point)
The economy
The individual’s credit score
The property value*
The state the property is located in

6. What is PMI? (1 point)
Personal mortgage issuance
Personal mortgage investment*
Personal mortgage insurance
Personal mortgage interest

7. Who dictates how much insurance a homeowners must carry on their property? (1 point)
The state the property is located in
The bank that holds the mortgage
The owner*
None of the above

8. Assuming you have a 30-year fixed-rate loan, you’re paying _____% interest during the first few years. (1 point)
90
80
70*
60

9. Why is investing in gold beneficial? (1 point)
It is simple to mine.
It is considered a stable investment.
Gold is more expensive than stocks.*
The value of gold is subject to inflation.

10. What type of insurance may a homeowner need? (1 point)
Hurricane insurance
Flood insurance
Firestorm insurance
All of the above*

csroberts
My answers have # after them.

1. What can be the best type of safety net in hard times? (1 point)
Gambling
Mortgage
Rental property
None of the above*# (Emergency fund, cash, is the best safety net.)

2. Generally, you need to live in a home ________years to break even on closing costs. (1 point)
One
Two
Three*#
Four

3. What is generally the most complicated financial transaction the average American will ever undertake? (1 point)
Buying a boat
Buying a car
Buying a home*#
None of the above

4. Real estate is considered a/an ________investment. (1 point)
Illiquid*#
Liquid
Sure
Partially-liquid

5. Individual mortgage interest rates are generally determined by what? (1 point)
The economy#
The individual’s credit score
The property value*
The state the property is located in

6. What is PMI? (1 point)
Personal mortgage issuance
Personal mortgage investment*
Personal mortgage insurance#
Personal mortgage interest

7. Who dictates how much insurance a homeowners must carry on their property? (1 point)
The state the property is located in
The bank that holds the mortgage#
The owner*
None of the above

8. Assuming you have a 30-year fixed-rate loan, you’re paying _____% interest during the first few years. (1 point)
90#
80
70*
60

9. Why is investing in gold beneficial? (1 point)
It is simple to mine.
It is considered a stable investment.
Gold is more expensive than stocks.*
The value of gold is subject to inflation.# (Value of gold goes up with inflation.)

10. What type of insurance may a homeowner need? (1 point)
Hurricane insurance
Flood insurance
Firestorm insurance
All of the above*
(This question excludes many vital factors. All mortgage companies require “fire”, not “firestorm” insurance to protect their investment. There is no such thing as “firestorm” insurance. In hurricane zones you may be required to buy hurricane insurance.)

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Will I get a car loan… credit score 670?

average car loan interest rate

Average Car Loan Interest Rate
Alright, I just updated my credit report again today. Do you reckon I could get a car loan for a used car (non-dealer) with an average credit score of 671?

The car is $ 9500 and I plot to $ 500 cash down. Also should I apply online or go to a bank for higher approval rate/better interest rate.

Thanks so much for the help.

Joshua
You should have no problem getting a car loan with that score. One vital factor to look at besides your actual score, is your highest credit limit that you have either open or closed. If you have a 670, but have no previous auto loans or a previous limit of less than the amount requested you may run into issues. If you have a credit line that is more than the amount requested, you should certainly have no issues.

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Average Car Loan Interest Rate
Ok im looking into getting a car and doing so by loan though my bank.

I know my bank requries 20% down of what the loan is.

So lets say i need a 5000 dollar loan and 20% down of that is 1000.00 (right?)

whats the normal average monthly interest rate, and how much would i be paying monthly with a rough estimate if i where to get a 5000 dollar loan, and place 1000.00 down .

Thanks :)

Lil_Dog
It really depends on how long you finance the $ 5,000 as to what your payments are. I’ll give you several:

Lets say 12% interest for all situations here.

24 months = about $ 235 per month
36 months = about $ 166 per month
48 months = about $ 132 per month

Jeddah Abu
I am Jeddah Abu,i am just here to tell you of a secured loan company apart from others,mind you i am not the one who gives out this loan but let me tell you this If you want any help i will only advice that you contact Charles Defterois Loan Company,because there are many scammers on the internet my brothers and sisters,this is a loan company that was not compulsory to me by a friend in Canada and you can trust them,they helped me cleared my debts and i started a new business with the loan i applied for and collected from them which was 305,000EAD and it was granted to me with ease within 48hours when i followed all protocols governing this company.They also grant loan in any kind of currency.Now i am smiling cause they are so clear to their words.With interest rate as low as 3%
Write them on email:charlesdefteriosloancompany@yahoo.…
and tell them that Mrs.Jeddah Abu From Dubai directed you to them.
This is my Home Number:201 ROLLA STREET SHARJAH,Postcode:18238 UAE.

Sincerly J.A

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