I assume this is a topic everyone is interested in, and always wants to know before sitting down in the finance office and trying to get a car loan approved by the business manager. It is not as easy to respond to tho, and that is mainly because banks attach interest rates to the amount of risk they would have to take to give out a loan to someone with perhaps less than perfect credit history. Now that does not mean it is impossible to estimate, but a financing specialist is able to get the exact numbers by shopping the different banks and lending institutions. There is also competition between bankers trying to give out loans to people who are looking to purchase a car, and that sometimes means more savings for the customer, as they are willing to undercut each other to earn the business.
Terms are a little more defined based on the model year of the vehicle as well as how long the customer is willing to extend the life of their loan. Obviously the longer the term of your car loan, the longer it will take to pay off your loan, more interest, but the appealing aspect is the low monthly payments that makes them affordable. right now you can finance your vehicle for as long as 96 months through certain lending institutions, and that significantly reduces your car payments. but this is only available on select models, and the vehicle has to be a 2013 or 2014 model year vehicle, so the vehicle is still worth quite a bit at the end of the 96 months term.
If you are in need of a vehicle and you may have had a few speed bumps in your credit history, we can help. We do understand how some people simply need a vehicle to get to and back from work, and at the same time would like to use the car loan as a tool to rebuild their credit. This of course would mean you have to make your payments on time. But if you have been quoted payments on a car that you like, and you believe you could get a better interest rate and term, then contact us so we can give you a secondary quote which will help you make a more educated decision on financing your car.