We provide a summary of the interest rates and other
charges on new car loan provided by various banks so the loan seekers can compare the ongoing rates and take the decision.
We sampled auto loan interest rates from Unitus Community Credit Union to see how interest
varied on a new car loan across a range of credit scores.
Taking a look at the 720 credit score plus category FICO reports that in the May to June 2009 period 1 out of every 411 borrowers went 60 days or more past
due on their new car loan payment.
Our credit score affects whether or not we can buy a house, the interest rate we can
get on a new car loan, and sometimes even whether or not we get a job interview.
For instance, auto loan lenders have an Auto Score available from FICO that uses the same credit information to determine specific risk factors a borrower may show as it relates to
defaulting on a new car loan.
On the credit side of the coin, Taylor said interest
rates on new car loans will remain low this year and that means affordable credit.
In the early January news release, Taylor said interest rates
on new car loans will remain low this year, partially because the Federal Reserve Board is keeping them low to aid the economic rebound.
If Jane had used credit after her bankruptcy, she would have established some good credit history and been rewarded with a much lower interest rate
on her new car loan.
Best Rates for New Car Loans Getting the best rates
on a new car loan is one of the biggest keys that can help buyers come out with an affordable payment, yet it is a detail read more...