Auto Finance at a Glance
Auto Finance companies are lowering rates fast to get your business. Since Ford Credit, Chrysler Financial, and GMAC Financial Service's have lowered their rates to 0 percent interest or near that, it has made it hard on smaller auto finance companies to make ends meet. Increased online traffic means that consumers are searching for the best American or Canadian auto finance bank out there. Even secondary auto finance banks now want National coverage to increase their business.
Auto Financing Terms
Auto financing terms such as interest rate and length of term depends on multiple factors such as customer creditworthiness and age of the automobile being financed. Auto Financing for used cars the interest rate raises with age, so it might be wiser getting a newer car with a lower interest rate and have the same car payment.
Here is an example of what a bank’s terms might be in today’s financial market.
Loan Type |
30–36 months
APR* as low as |
37–60 months
APR* as low as |
61–72 months
APR* as low as |
Dealer Purchase: New Car |
4.99% |
5.99% |
6.79% |
Dealer Purchase: Used Car |
7.75% |
8.59% |
9.59% |
Private, Person-to-Person: Used |
8.25% |
8.99% |
9.25% |
Lease Buyout |
7.75% |
8.25% |
9.59% |
*APR is the Annual Percentage Rate. Rates quoted are offered depending on the individual's excellent and substantial credit and key loan characteristics, including amount, term, vehicle age.
Bad Credit Auto Finance
Really bad credit auto loans are now more and more common in the special finance world online. People with poor credit cannot get good terms on a buy or lease, which a person with great credit can. But the Internet has provided a faster and easier way to get a person with bad credit approved at a local car dealership in their area. Auto Credit Express.Com provides customers with a free auto loan application with no obligation to buy and will try their best to get you approved at a dealership near your home.
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