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Article by Lyn Rendril It helps to get a good car rate by having good credit. Is
your fica score over 690 or so? That will make you
eligible. The current auto loan rate is good so it's a nice
time to get things going. As of mid-Februrary it is between
6.9 to 7.5 on average. But it can be lower or higher.
What can you do if your credit is bad? Well, you can put
down more money as a down payment. That will help because
you don't want to pay 25 percent or higher which can happen
if your credit is bad. This hurts since the current auto
loan rate is pretty low!
Did you know if you are paying over 20 percent that you may
be paying a few times the cost of your car?!? YIKES! Not
good!
What about refinancing the car loan ? You can do it after a
year or so. If your credit is good by timely payments you
will do well. Can you get your fica over 650 or so? Late
payments are no-nos!
On the other hand, if you have good credit take advantage of
things. Check out your credit union as their rates are
competitive and with the current auto loan rate being low
they really can be helpful.
Sometimes waiting till end of month is good to make a car
purchase. Sales people compete for top sales and the last
day can be a nice goldmine!
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