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Our dealerships use an artificial intelligence-powered finance engine that allows us to offer the best car loan options in a record time.
Our credit analysts work diligently to secure the best financing offer for you by leveraging competition among multiple financial institutions, whether you have have great or bad credit.
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In March 2024, interest rates for auto loans started at 7.9% but rates also vary depending on the amount borrowed, the amortization period and the borrower’s credit history. Note that the interest rates for an auto loan granted by a financial institution are generally higher than those of dealerships who can offer promotional rates from manufacturers in order to stimulate sales of certain models.
Your credit rating or score plays a significant role in determining the interest rate of a car loan. The credit score, which ranges from 300 to 900, is an instant measure and portrait of the risk of default on payments that you represent. The higher this risk, the higher the rate and the more severe the repayment conditions will be. Each institution has its own methods of calculation, but in general, a rating of 600 to 660 is considered poor and below 599 is considered poor. Credit scores of 660 to 900 range from good to excellent.
You can check your credit score for free with credit bureaus Equifax and TransUnion. A word of advice for those whose rating is low. Clean up your affairs before applying for a car loan and settle all your overdue accounts. This will give you better rates. Sometimes, a few points increase in your credit score can make a big difference, because it demonstrates your efforts to turn things around.
The eligibility criteria for a car loan vary depending on the lender and the type of loan: regular credit or 2nd chance credit for example. However, minimum requirements generally include:
You can calculate monthly car loan payments using an online loan calculator, which is the easiest solution. For fans of classic calculation, here is how to do it manually:
PMT = [P * r * (1 + r)^n] / [(1 + r)^n – 1]
Or :
– PMT = Monthly payment
– P = Loan principal (loan amount)
– r = Monthly interest rate
– n = Total number of payments (loan duration in months)
Substitute the values into the formula and calculate the monthly payment.
– P = $20,000
– r = 0.05 / 12 = 0.004167
– n = 60
PMT = [20,000 * 0.004167 * (1 + 0.004167)^60] / [(1 + 0.004167)^60 – 1]
≈ [20,000 * 0.004167 * (1.004167)^60] / [(1.004167)^60 – 1]
≈ [20,000 * 0.004167 * 1.348718] / [1.348718 – 1]
≈ [111.67 * 1.348718] / 0.348718
≈ 150.52
So the monthly payment would be around $150.52.
As we’ve said, using online loan calculators really is the most convenient solution.
The documents required to apply for a car loan vary depending on the lender and your personal financial situation. However, common documents typically requested by lenders include:
Providing all necessary documents in a timely manner will speed up the loan approval process.