Lowest Auto Loan Rates – Low Interest Car Loans in January
Posted on | January 10, 2010 | No Comments
Finding the lowest auto loan rates is very important for anyone looking to buy a new vehicle in 2010. If you are looking for low interest car loans in January then there are several options for you. Unfortunately, you will not know the exact interest rate on any auto loan until you go through the application process. Once you have complete the application process you will get a 100% accurate rate quote.
Many car buyers will look to the dealership to get low rate refinancing but you must understand that these rates are only for those consider well qualified buyers. If you are not a well qualified buyer then you are going to have to accept a higher interest rate or you are going to have to find funding elsewhere. Luckily for you there are many options when it comes to getting bad credit auto loans.
Before you think you can get an interest rate under 5% on a bad credit auto loan you will need to do your research. If you have a credit score below 620 then you are going to find it very difficult to get an auto loan with an attractive interest rate. This does not mean that you will not qualify for a loan but it does mean that you are likely to see an interest rate above 10% on this loan.
If you have a credit score above 740 and you have missed no bills payments in the recent past then you will greatly benefit from the current low interest rate environment. Most car dealerships will be more than happy to finance your new purchase. If you are having trouble with the dealership most banks and financial institutions will gladly allow you to borrow money with an impressive credit score.
Author: Alan Lake
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