
The car is a 1998 Mercedes C280.
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.

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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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.
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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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!
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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.
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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
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.
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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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?
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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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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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
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.
http://credit–card.tk/
It give some affordable links. It will help you a lot as it helped me…
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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*
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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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.
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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 ![]()
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
Sincerly J.A
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