Is a 12% interest rate on an auto loan too high??

i was approved for a loan of for 10,000 at a rate of 12%. i have really good credit but also have another vehicle being paid..is this rate too high??

Is a 12% interest rate on an auto loan too high??

Auto finance is what I do for a living and auto loans are based on the following factors;

1. LTV (loan to value).

2. Term requested.

3. Age of vehicle.

4. Miles on vehicle.

5. Down payment.

6. Time on job.

7. Time at Residence.

8. Monthly income before taxes.

9. Credit score/profile

10. Total debt to income ratio.

Your rate does seem high if you truly have good credit. It most likely is because something above that was submitted to the bank was slightly out of their guidelines and this caused the higher rate.

Is a 12% interest rate on an auto loan too high??

Auto Loan Guide: http://autoloans.autoloanassis... Report It

Is a 12% interest rate on an auto loan too high??

WAYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY... tooooooooooooooooooooooo hgh for good credit!

Is a 12% interest rate on an auto loan too high??

My guess is there is something on your credit report that you do not know about. Start there first by getting the 3 major reports and going over them for errors.

I guess we should ask the scores because you definition of good and theirs might be entirely different.

For true %26quot;good%26quot; credit that is sky high or you are working with a disreputible dealership.