whast an average Annuual percentage rate when financing a car

I am gettign quotes on line for our new honda and its asking for an APR and i have no idea what to put in. TIA

Re: whast an average Annuual percentage rate when financing a car

Totally depends on your credit rating, the lender and a bunch of other things. DH has sold cars where financing rate will be 5-6% for someone whith excellent credit, and 18% to someone with no or horrible credit.

Re: whast an average Annuual percentage rate when financing a car

That can vary by dealer really. Lots of places are offering 0% for 60 months. Some are 2.9% for 60 months. . . .if you go to a bank, you're looking at a rate of at least 6% - 9% I would say.

Re: whast an average Annuual percentage rate when financing a car

We just bought a Honda a few months ago and I think our rate was around 6.5% (with excellent credit). We did not go with the financing offered by Honda, though - we went through Capital One. They gave us a much better rate.

If you can get a financing special through a dealer, though, that's always good - just make sure your interest rate after the first period is locked in -- NOT flexible. Otherwise, while you could be paying 0% or very low interest for the first year or so, your interest rate could shoot up to 12%+ after that time. Also, one late payment will void the low interest, so don't plan on making any late payments!

Message edited 6/12/2007 8:42:36 AM.

Re: whast an average Annuual percentage rate when financing a car

My dh just bought a car and is paying 6.49%.