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Author: admin | Category: Calculator Car Loan | Date: 07.09.2015

For all other buyers looking to find a used car with bad credit histories, the only option might be a subprime or deep subprime interest rate – usually for buyers with scores under 600 or under 500, with corresponding rates┬áhovering around 15 to 20 percent, respectively. While not every interest rate on an auto loan may be the best deal financially, it helps to understand exactly what you’re getting into before signing any paperwork. For many buyers, this question is one of the hardest riddles to pick apart in all of the car buying process – involving a fair amount of expertise on everything from interest rates to loan structuring, and can be a serious sore point if not properly set to match your budget.
With just a little know-how and the right information, you too can get an auto loan that fits your budget now and in the long term. These usually hover just around or under five percent – a pretty good benchmark for determining how much you should expect to pay if you fit into this category.

This is likely to add a few thousand dollars to your total, but for bad credit buyers this might be the best game in town. These can add a hefty sum to your overall payment total but for some buyers they may be the only option available – and can mean the difference between getting a used car or not. That way, you know what to expect and how to deal with a high interest rate long before it does serious damage to your wallet – meaning more money for you to use on that next great used car.
Interest rates often seem like low, trivial numbers at first, but over time your interest rates can equal and even exceed your initial loan amount if set too high. Many dealers offer incentives like zero percent interest for a set number of months, which can mean less cost to you once the interest actually does kick in.

Plus, this added cost can be mitigated through things like early payments and a large down payment.

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