What should i expect my interest rate to be for a car loan if i have absolutely no credit?
Went to a used car dealership today and the guy told me a 2016 nissan altima with 4.5k miles will run me around $500 a month for 3 years. The car is priced at $16,900. I still have to send him my pay statements from the bank before he can give me an actual amount but he said around that ballpark, which i find kinda hard to believe.
I have no credit, im putting $2.5k down on the car, what should i expect the interest rate to be?
Depends on your bank. Credit Unions have lower interest rates than your typical big name bank.
>buying a new car
why not just buy a $500 beater each month
>>16001107
im using it for business, not personal
has anybody here never financed a car with no credit before? lol
>>16001085
29.9%
>>16001153
dont beleaf it
>>16001327
Thats what mine was with zero credit financing a $6,000 car
If you don't have credit don't take out a car loan without a cosigner
without a cosigner I was looking at 10-15% APR
when I got a cosigner I only had to put 2000 down and I pay .07% APR on the loan.
>>16001107
its a used car retard.
>>16001334
That's fucked dude. I financed a 04 ranger with $500 down and the guy wanted 5500 for it. Bank gave me a loan at ~6.1%
If you go to a credit union and you aren't going in upside down I don't see why the APR would be more than 10% unless you live in Detroit or something.
>>16001085
>$500 per month
>12 months per year
>for three years
DO SOME FUCKING MATH MAN
$500 for 36 months is $18,000
include the $2.5k you already have to pay, and that's $20,500 (before taxes, fees, insurance) for a car you're saying is worth $16,900
don't be a fucking good goy
go to a credit union NOT A (((BANK))), open a checking and savings account with them, and then in a few months ask for some auto loan quotes
I put 5000 down on a 8000 dollar car and have to pay 22.9% on the other 3k. I have a ~670 credit score but no one wants to finance a 26y/o car. such is life.