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if my credit score is about 625, what can i expect the interest rate to be on my auto loan?6 years ago - 5 answers
Auto finance is what I do for a living and auto loans are based on the following factors;
1. Loan to value.
3. Age of vehicle.
4. Miles on vehicle.
5. Down payment.
6. Time on job.
7. Time at residence.
8. Monthly income before taxes.
9. Credit score/profile.
10. Total debt to income ratio.
Based on the limited amount of information you provided you could be anywhere from around 12.95% to 21% depending on how the above numbers are submitted to the lenders.
With a 625 score (sub-prime) the only way you will get into single didget rates is with a massive down payment.
Source(s):6 years ago
You're looking double digits about 12-20% depending on the lender. Remember they don't only look at your credit score...but the history associated with it and your overall financial situation. You time @ current job....income...other debts....so keep that in mind.by Anjell - 6 years ago
I have a credit score of about that. And I bought a car and got 12% on my interest. IT's not the best but it's ok.
hope this helps.
Source(s)by joe - 6 years ago
i've been creeping my credit score up over the last year or so to 620. i've had loans for years with a local bank and I always get auto loans at 8-9%by tempting_butnothanks - 6 years ago
It's does depend on the credit score, income, debt to income ratio and how long you have been on you job. I would say somewhere around 8.00 to 11.00 %. Which is not that bad but not a good rate. But on certain cars some dealers are giving very low rates with the slow economy. So it could be a lot cheaper than that. I hope this can help.
Source(s)by banker89 - 6 years ago