Posted by Boutiette Abella on Friday, 6 September, 2019 05:06:04
The FICO score compares what is on your credit versus what is on thousands of other customers credit and assigns it a numerical value that ranges from about 300 to 900. The higher your credit score, the better interest rates you are likely to get because you are less of a risk for creditors to loan money to.
Buying a car with a credit score of 580 is possible, but higher interest rates are always given to people with bad credit. What is the interest rate for a credit score of 580 on an auto loan? First, let's take the average amount borrowed by car buyers : $27,000 according to Melinda Zabritski, Experian's senior director of automotive credit.
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650 credit score auto loan interest rate. These are average auto loan rates for a new car (60 month term; $25,000 principle loan amount) and monthly payment in 2018 based on FICO scores: 500 - 589: 15.906%; monthly payment: $607. 590 - 619: 14.927%; monthly payment: $594. 620 - 659: 10.41%; monthly payment: $536.
Car Title Loans. Watch out! Interest rates on auto title loans are very high; often 25% per month - or about 300% per year - according to the Center for Responsible Lending. According to the CRL report, the average car-title borrower renews a loan eight times, paying $2,142 in interest for $951 of credit.
The higher credit risk you appear to be, the higher your interest rate will be. (Or, if your credit score is really low, you may be denied.) On the other hand, if you have a low credit risk (represented by a high credit score), you'll typically qualify for a lower interest rate.