What is an acceptable interest rate to buy a car? My credit score is 690?

Question

What is an acceptable interest rate to buy a car? My credit score is 690?

Answer 1

0% is very good for a new car.  Always weigh the fact between the interest you will pay and the price difference in the car of your choice.  In other words, if you buy a new car, you will pay thousands more than a car that is one year old, but the interest rate will probably be better on the new car. Analyze your monthly costs over the life of the loan

Answer 2

Auto finance is what I do for a living and they are based n the following factors;

1. Loan to value.

2. Term of loan.

3. Age of vehicle.

4. Miles on vehicle.

5. Down payment.

6. Time on job.

7. Time at residence.

8. Monthly income before taxes.

9. Credit score/profile.

10. Total debt to income ratio.

While I agree with the first poster as far as new cars go, if you are looking at a used car the above will determine your final interest rate.

Based on your score alone you should be in the 6.25% to 8.5% range depending on the term & age of vehicle.