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Posted in Auto Loans
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Cab1911

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I am in the market for a new car that is going to cost me $62000,
and with my current credit rating (700) what % rate should I be looking at.

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My score is 690ish

I was able to get a new truck ($46K) financed through Chase at 4.99%.  Assuming your debt ratio is good you should have no problem getting $62K financed.

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It depends on where you obtain the financing and what else is hidden in your credit report.   I'd expect 4.77-5% although it can go lower with specific lenders depending on the car you are actually going to finance.   You can streamline the process by researching lenders who offer low interest and seeing if you pre-qualify from them.

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Maybe about 4.66%, but it also depends on the loan length. A shorter term will generally net a lower rate. You will receive a better rate going through a bank or credit union.  This interest is not tax deductible. Sometimes special deals are offered on certain brands of cars and rates are reduced. Check around. It's a good idea to get pre-qualified for a loan. A 5 year loan at 4.66% will make payments of $1160 a month.

Also, a new vehicle depreciates the moment it's driven off the lot. If you're not going to keep this vehicle 6 or more years, you will most likely find yourself upside down on the loan should you wish to unload the vehicle. 

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