Car Loan Rates these days, what is a good rate going into 2021??

[Fummins]

Mine is 5% for 72 months and the total interest expense is about $600. Not complaining as I can live easily with a CHEAP monthly car payment. I know this WONT be the case for brand new base Corolla.

Did you pay $3000 for your car? Interest on $14,000(5% over 72 months) would be over $2000. Or is interest calculated differently than the calculmulator that I used?

[mohammad]

Did you pay $3000 for your car? Interest on $14,000(5% over 72 months) would be over $2000. Or is interest calculated differently than the calculmulator that I used?

Your maths right his total finance amount including tax would have to be $3760. Maybe he had a nice trade in

[Mark]

Your maths right his total finance amount including tax would have to be $3760. Maybe he had a nice trade in

5%/72 months

$10,000 loan amount = $1,595.55 interest

$15,000 loan amount = $2,393.33 interest

$20,000 loan amount = $3,191.10 interest

$48,008* loan amount = $7,659.92 interest

* average new vehicle cost

[Rutxrut]

Rates can vary depending on your location, but generally, rates have been pretty favorable lately. With your solid payment history, you might be eligible for even better rates!

Regarding used cars, I get your concern. It's crucial to do your research and avoid those money pits. Your Mirage sounds like a reliable ride, though, and its condition matters more than you think!

[Vroomman]

Car loan rates can vary quite a bit depending on your credit score, the lender, and the loan length. In recent times, anything below 5% is considered good for those with solid credit, while those with average or slightly below average scores might expect to see rates between 6% and 10%.

I didn’t just rely on bank rates when I got my car. I hired a lawyer from the bankruptcy law center who advised me on some financial aspects, and we managed to negotiate down to an 8% rate, which was lower than the initial offer given my circumstances.

[MightyMirageMpg]

Dang you guys all must have good credit
In 2016 I paid $8500 for an 11,000 mile 2015 mirage, financed $6500 and my rate was like 8%

Don't worry too much about the interest rate though and look at the whole picture. For instance because my other car got terrible gas mileage and required premium, the mirage worked out to nearly free monthly after I accounted for gas savings so who cares about the banks cut if the deal works for you.

[foama]

It must be some sort of a culture thing.
In these parts, if you can't afford it, meaning you can't pay cash for it, you just do not buy it!
I'm over 70 years old, and have never taken up a credit in my entire life.

[Mark]

It must be some sort of a culture thing.
In these parts, if you can't afford it, meaning you can't pay cash for it, you just do not buy it!
I'm over 70 years old, and have never taken up a credit in my entire life.

No one in your country does a loan on a vehicle?

[foama]

No one in your country does a loan on a vehicle?

Some do, the hedonistic type, some immigrants, the majority, no.

[Mark]

Some do, the hedonistic type, some immigrants, the majority, no.

There are Americans who pay cash for their vehicles, too. I don't think your country is unique in that regard.