Current auto loan rates

Information on Current Loan Rates When planning to take a car loan, it is recommend to take close look at the current auto loan rates to make informed decisions. According to credible sources online, the current rates for a 60 month used car stands at 2.85% while that of a 48 month used car is at 3.06% On the other hand, 60 months new car loan rate is currently at 3.28%.

Nevertheless, it’s recommended to compare and contrast the rates offered by different banks and lenders to choose one that best suits in your budget.

FICO score is one of the factors used to calculate the rates. It is used to determine one's financial capacity. Clients with a high score enjoy competitive rates as compared to those with lower FICO rates. Additionally, a down payment has a significant impact on the rates. Clients with lower credit rating can also access fair rates by increasing the down payment.

Be sure to check the terms and conditions of a loan to avoid any inconveniences down the road.

For more information, please visit: http://www.matrixloanprocess.com/lpdoc.html References: 1# http://www.bankrate.com/finance/auto/current-interest-rates.aspx 2# http://www.gobankingrates.com/car-loans/what-factors-affect-auto-loan-rates/