Auto Loan Rates - What Are They?
Most Americans seem to consider car ownership a birthright.
Fortunately, there are a lot of lenders who seem to feel the same
way.
Almost anyone can get a car loan, even people with bad credit
or no credit history....
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Auto Loan Rates - What Are They?
Most Americans seem to consider car ownership a birthright.
Fortunately, there are a lot of lenders who seem to feel the same
way.
Almost anyone can get a car loan, even people with bad credit
or no credit history.
However, there are few things to take into
consideration.
Getting car loans for bad credit, while possible, will generally mean
paying a higher interest rate.
One way to bring that interest rate
down is to have a co-signer; someone you know who is willing to
assume the payments for you if you default.
Other factors that influence interest rates on car loans are the
amount loaned, the lending terms (ie.
48 or 60 months), you credit
rating, income to debt ratio, (which is used to determine your ability
to repay), and market trends.
The basic requirements to qualify for a car loan are:
• A minimum of $1,500 gross monthly income if your credit score is
below 625.
• All bankruptcies must be discharged.
• There can be no repossessions wit
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