What are some good interest rates for automobile financing these days? And some bad interests rates?

Question

Does anyone know what interest rates should be offered for good, fair and poor credit, when financing a vehicle?

Answer 1

I have an excellent credit score and bought a three year old Honda Accord back in February.  Rates are higher for used cars.  I got a 6.24% rate.  A lot has happened in our economy since February.  The Federal Reserve lowered interest rates several times.  I can't say for sure that my car rate would have been affected, but if anything, it would have been a better, lower rate and not higher due to the Fed's actions.  

My friend got a brand new Altima and they were running a 2.9% interest special at the time.  But really all this probably means is that they would come down less off the sticker price and you'd end up paying the same in the long run (in other words it's probably just another B.S. trick that car lots use to grab your attention).

Do your homework before you go to buy, and don't be afraid to walk away from those vultures, excuse me, car salesmen who will try to squeeze every penny out of you that they can.

Answer 2

My son just got a car last week.  He is 23, his credit score was about 650 and his interest rate was 6%.