Saturday, October 31, 2009

My Fico score is 681 with equifax. How much would the interest be on an auto loan?

I had bad credit from when I was younger. But I have been working on re-building my credit for the past 5 years.



My Fico score is 681 with equifax. How much would the interest be on an auto loan?

It's also going to depend on the year of the vehicle, and what term you're looking to borrow on. Newer vehicles are considered better collateral with lenders, and therefore you'd get a lower rate. Also, you'd get a better rate with a shorter term.



If you know your score and the year of the vehicle, banks should be able to quote you over the phone.



My Fico score is 681 with equifax. How much would the interest be on an auto loan?

Speak with the auto lender. They use different formula.



My Fico score is 681 with equifax. How much would the interest be on an auto loan?

Yahoo Answers is NOT the right place to ask that question because we're not making the loan. It's better for you to speak directly with the lender. However, here's a ballpark number:



New Car = 5-10%



Used Car = 15-26%

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