Im financing a 2000 infiniti for 5 yrs,have good credit,with a score about

jerzeesfinest20

New Member
730.what should my interest rate be Im just confused how this works. I was going to buy a new chevy from an authorized dealer and my credit ran for a 8.99 percent for 5 and half yr financing term. But i decided against the new car and found a good used car i want from a private dealer and when he ran my credit he was saying its good and gave me a 11.9 for 5 year term. I think thats pretty high. I understand when you finance a used car for a SHORTER term they usually raise the interest rate. But im financing a 5 year and 3 month term...i think 11.9 percent is a high interest rate. The car is a little over 13, 000 (with the extended warranty, taxes, and registration included) with a 3,000 deposit. Does anyone know what my percent rate really should be with good credit?
 

mrrichie

New Member
Don't be in a hurry here!

First: Contact YOUR bank. Ask them what the "average retail" value is on the car you want.

Second: Ask them what amount they will loan you for this car. The down payment will be the difference between what they will loan you and the price of the car.

Third: Ask what your interest rate from them will be.

Now you are informed as to what the car is worth in general, how much you will need to put down and how much it will cost to finance it. OK?

Check with USAA Federal Savings Bank. They are rated at the top of good institutions to deal with and with your credit score you can do better than what they've been quoting you!!
Do Not finance through a dealer. They've got their hand in your pocket that way!

I used to sell cars and trucks. Go to the NADA web site and take a look at the numbers BEFORE you BUY anything!!!!!
 
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