How are Car Loan Interest Rates Determined?
If you have even applied for an auto loan in the past you might be wondering why your interest rate is different now. Auto loan interest rates are determined by a number of different factors. The lender looks at these four things before determining your rate:
- If the loan is for a new car or a used car
- Your credit history
- The term (or length) of your loan
- The amount of your down payment
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