These are the ones that were printed in a book I have on financial planning. (Haha, I should have read the book when it was first given to me... sigh) They are the same ones that are in the Suze Orman book I bought.
720-850
690-719
660-689
620-659
590-619
500-589
As for what rates to expect, it really depends on whether you will be financing through a bank, credit union, or the dealer, or etc. The dealers can usually beat anyone's rate on new car purchases because they have often have promo rates, but don't expect to qualify for the promo unless you are in the top tier. On used cars, you should definitely shop around for rates. I'm pulling this from my Suze Orman thingie, but it seems pretty accurate, based on the rates I was offered recently.
720-850 : 6.0%-6.5%
690-719 : 7.25% - 7.75%
660-689 : 8.75%- 9.5%
620-659 : 10.75% - 11.5%
590-619 : 14.25% - 15.5%
500-589 : 15.0% - 16.0%
These look close to the kind of rates you could expect to get from a bank or other lender. The dealer may be able to get you better financing. It also seems like you can get a better rate if you put more money down up front. I think they like 20% down or more.
Message Edited by catzcradle on
06-21-2008 03:01 PM
- Catz
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