Car Loan Interest Rates

 

Car loan interest rates determine how much you will end up paying per month and the overall total for your car loan.

Between thirty six and seventy two month loans are the normal, basic car loans that are usually available. You will need to determine how long you want the car and then make the decision on the term of the loan. There are positive and negative aspects of each.

The longer period car loans (seventy two months) will provide you with lower monthly payments, but will also provide a much higher total amount you have to pay off. The reason for this is because it is taking the loan company longer to get the cash.

Getting a shorter term car loan will force you to pay a higher dollar amount up front per month, but a lesser amount overall. Your decision will be based on how long you want to keep the car for, and of course, which you can afford.

Also affecting the car loan interest rates you will be shelling out are whether the loan is secured or unsecured, which definitely plays a huge role in determining the final price. An unsecured loan is certainly much more expensive, but has the benefit of not being required to pay any collateral should you not be able to make your payments on time.

A secured loan is probably your best bet, however, because even though you will have your car repossessed in the event of a default on payment, this shouldn't even be a concern assuming you have enough cash flow coming in.

The car loan interest rates you will pay are all different, depending on the current interest rates, whether the loan is secured or unsecured, your past credit history, where you are buying the car, and again, how long the loan is for, and the company you decide to go with. However, the general rates are between seven and fourteen percent.

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