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For first-time car buyers, one of the most daunting parts of negotiating a good deal right now is interest rates.The average auto loan rate for someone with excellent credit is 5.25%, according to ...
According to Experian’s latest State of the Automotive Finance Market report, the average interest rate on used cars for deep subprime borrowers with credit scores between 300 and 500 was 21.55% ...
According to data from Experian, borrowers in the subprime category (from 501 and 600) can expect an average rate of 11.86 percent for new cars and 18.39 percent for used cars. Credit score range ...
Over 85% of new cars and half of used cars are financed (as opposed to being paid for in a lump sum with cash). There are two primary methods of borrowing money to buy a car: direct and indirect. A direct loan is one that the borrower arranges with a lender directly. Indirect financing is arranged by the car dealership where the car is purchased.
Car loans are one of the most common types of debt among consumers in 21st century America. While auto loans are not as common as credit cards, the majority of Americans (62%) have an auto loan in ...
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