What Is The Rate For Used Car Loans?

That depends on what you qualify for.
Banks do credit checks on you when
you purchase a vehicle.

The rule of thumb is , the higher your
credit score, the better your rate.

Some states have limits on the
maximum amount of the APR
for loans, and credit cards.

Some states can exceed their
limits if the financial institution
that originates the loan is
out of state.

Check with your state to find
out if there are any loopholes
so you wont be overcharged.

The interest rates depends upon the following factors:

1. Loan to value.
2. Term of loan.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time at job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
11. State of residence
12. Type of car i.e. Used or new

Usually the rate for used car loans are higher than that of new car loan.