If you are someone about to begin seeking out a loan for the purchase of a new car you are going to see that there is a wide array of interest rates being offered. Why are new car loan rates all over the map? How is it that one person can get a loan at 3.9% and someone else is hit with a staggering 6% or more?

Generally all loans are shaped by a few individual factors connected directly to the borrowers. For example, the amount of the down payment, the credit history, and the current income will all have an effect upon rates and the terms offered. Additionally, the shorter the term of a loan the lower the interest rate charged.

Those who are fortunate enough to get the lowest new car loan rates tend to be people with good to excellent credit histories and scores. This is not … READ MORE >>>