The dealership is offering me 5.8% APR to buy a new Scion TC. It's a bi-weekly loan and it'll be 4 years in length. I'm only 19 years old so my credit history is not extremely well established yet even though i have tried hard but I feel that 5.8% is fairly good for my age. Is this an agreeable rate?
Is a 5.8% APR good for a new car loan?
Auto finance is what I do for a living and believe me 5.8% for a first time buyer is outstanding.
Is a 5.8% APR good for a new car loan?
It's a very good rate
Is a 5.8% APR good for a new car loan?
I think its fair
Is a 5.8% APR good for a new car loan?
5.8 is good, especially if you have no credit. The loan for my 1st car was 11% because I had no credit. The better 0% and 1.9% etc. are great for people with established excellent credit. You'll get to that, but for now 5.8 is much better than most. Just keep your credit in great standing and it'll only get easier from here.
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