Looking for a used car, APR question?

Question

i'm looking for a car on carmax... i'm trying to calculate the monthly payments but it is asking for a finance rate, which i know has to do with a persons credit history, but i'm 18 y/o and i have no credit history yet... so what would i put down as the apr?

Answer 1

If you have no credit history, and can't get a co-signer with good credit, expect to pay 20% for a used car.  If the co-signer has very good credit, %10-12.

Answer 2

It depends on the car and your credit history.  You may have to have a co-signer so it would go off their credit history, which would also determine the interest rate.  I would say about average is under 10%.