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Posted in Auto Loans
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Question By
Mbergen

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Any hope of getting an auto loan with a decent APR??
Looking to get an auto loan. I'm in NJ and only have $1000 down. I would also need to roll in $2000 from my current car as a trade. EX 631 EQ 611 TU 619...

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Top Contributor
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A decent apr is doubtful, you probably would be looking at 10-12%, but that is only a GUESS. The information on your credit report is just as important as scores, so that will play a big part too. Just an FYI, if you are two grand underwater now, you could at least double or triple that number if you purchase another auto as for the most part you are underwater day one, unless you put down a sizable down payment. It is up to you on what you want to do, but I say improve your credit first and get above water on your current loan before thinking of purchasing something else.

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