What is a good auto loan APR?

I need to know what the best rate would be for someone in my situation.


I live in NE Ohio, and I have just filed bankruptcy. I am not sure what my credit score is, but it can't be good. Prior to losing my job, I had excellent credit and an auto loan rate of 5%.


I don't want to be taken advantage of, at least not to the full extent. We all know how car dealerships are.

What is a good auto loan APR?
Yes, I don't see how you could even get a loan. You must have excellent credit usually to even qualify for a low interest car loan. I have 1.9% on my Honda Accord Coupe, but that is because it was bought new and we have great credit. You can usually only qualify for 0% and low interest loans if you buy a NEW vehicle, which it doesn't sound like you can in your situation.


If I were to get a loan and I was in your situation, I would settle for something around 8% or 9%. That actually sound outrageous to me though...
Reply:It might really save you some money to just get an auto loan estimate online to check out what the going rates are. You might be pleasantly happy. Also if your credit is not the best, a lot of them are more willing to help people.



What I most often tell friends is that an internet quote at http://auto.lowratetoday.com is worthwhile.
Reply:If you just filed bankruptcy, why on earth are you buying a new car?


There is no good news here. You will be lucky to get financed and will probably end up with something at least 17% or more.
Reply:You will need proff of discharge first. With new BK you will be looking at anywhere from 15.9 and up with at least 1/3 down payment to secondary bank + bank fees as secondary all charge 1-2000.00 on top of price of car. Car delerships are not bad it is just ignorant people who say that and know nothing about car dealers and laws that keep them from ripping anybody off like interest which they as i said cannot charge more then 2 points over their buy rate which is lower then anyone can get at a bank. Your BK will cause you to have to use a secondary bank so the extra 1-2000 charge goes directly to them for taking the risk. Obviously you did not pay bills so the highAPR will be in effect. You will not always have choice of car either. You still need to be making 1500.00 a month and be on same job for 1 year and same residence for same. You will need last 2 paystubs with YTD on it plus references, utility bills with your name and bank s will decide how much and on what you can spend it on. has to book out with NADA and be within their criteria for debt ratio. Of course you will not listen and go to dealer and say he is ripping you off because of what it takes to buy car with recent BK but dealer has nothing to do with that. the banks do. You may not even qualify yet as you said you lost job and if you have not worked 1 year straight for same place you wil not. As for 5 % rate , they change all the time as prime rate does. Thier are no 5% loans on cars now without perfect credit. Your 5% would be 6.9 at best or be dealer buying down rate.