What is the average interest rate on a car loan when you have no credit?

I'll be turning 18 soon and plan on buying a car. I'm just wondering what my interest rates might be seeing how I'm starting off with no credit.

What is the average interest rate on a car loan when you have no credit?

Based on the price of the vehical or if you are putting some money down. Any where between 10-18% to pay-off on a car loan with no established credit. I suggest you go to your local bank and apply for a basic credit card and then focus on a car 6 months from now. Just buy a small car to go A toB for now or have a family member help you get your car.

What is the average interest rate on a car loan when you have no credit?

My cuz (had no credit) tried to get a used car and was offered an interest rate of 25% . He told the sells man to go screw himself and walked away. Be smart because accepting a high interest rate may double your total payment during the long run making your loan upside down (72 month term). I would say average 18-20%

What is the average interest rate on a car loan when you have no credit?

Today every person has need of car, because it has become the necessary need for the people and status symbol also. If you have bad credit history or poor credit history and look for purchase a car, then it is very tough for you. Due to bad credit history, lenders are not keen toward%26lt;!--providing you loan, but do not be discouraged.Generally, bad credit car loans are available at higher interest rate, but you can take at competitive interest rate after placing your assets as collateral in secured bad credit car loan. You may find some car loans here,

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You also can grab bad credit car loan without keeping your asset as collateral, but you have to pay competitively higher interest rate. Hence--%26gt;you can take this loan at better rate, because competition among lender.You can reduce your interest rate after talking with the lender