Skip to content
Digital News Report Logo
Menu
  • News
  • Business
  • Science
  • Entertainment
  • Health
  • Sports
  • Audio Books
  • Quizzes
  • Videos
Menu

Home » Business » New and Used Car Loans – Rates and Terms Today

New and Used Car Loans – Rates and Terms Today

By Tina Brown on February 21, 2011
alt text

Digital News Report – Not every qualifies for zero percent financing from the car dealerships. Credit score and income play a role in determining the interest rate and financing options.

Banks, credit unions and private lenders provide a wide range of auto financing. The term of the loan may vary between 36 months and 60 months. Used car loans usually carry a higher interest rate. Some banks will also refinance an existing car loan.

Today’s Rates

Bank of America is advertising a $25,000 new car loan for $311 per month. BofA has new car loans starting at 2.99 percent. Of course, a bad credit score can calculate into a higher rate. Loans over 60 months (up to 72 months) will have a starting rate of 3.49 percent.

Used car rates are higher. The starting dealer franchised rate is 3.49 percent. The longer terms will cost more. The goal is a low interest car loan whether from the dealer or the bank.

Private party loans will have a starting rate of 4.75 percent. If the borrower wants a to extend the loan past 60 months the rate will be 5.55 percent.

Longer term loans can provide for a lower monthly payment.

The starting refinance rate is 3.89 percent. Longer term loans have a rate of 4.46 percent.

Some car buyers may want to buyout their lease. Rather than paying a balloon payment to own the car at the end of a lease option, Bank of America offers a lease-buyout loan for 5.25 percent. If you want to extend the loan pas 60 moths the rate is 6.05 percent.

By Tina Brown

  1. Interest Rates for Bad Credit Auto Loans
  2. Personal Loans – Unsecured and Secured Rates and Terms for Bad Credit Customers
  3. VW finance offers with Low APR interest rate car loans for February 2011
  4. Personal Loans and Rates Today – Bad Credit Customers Benefit
  5. Auto Loan Rates Decline

Live Results Search

Categories

Important Information

This site is for informational purposes only.  Always check with your doctor or  legal council before making any medical or legal decisions.

loader-image
San Francisco, US
9:58 pm, June 30, 2025
temperature icon 55°F
few clouds
Humidity 90 %
Pressure 1011 mb
Wind 18 mph
Wind Gust: 0 mph
Visibility: 10 km
Sunrise: 5:51 am
Sunset: 8:35 pm
Weather from OpenWeatherMap

 

©2025 Digital News Report | Design: Newspaperly WordPress Theme