Are you considering purchasing a new car? It’s essential to have a clear picture of the auto loan rates available in the market before making a decision. At Ratingperson, we provide you with the latest information on auto loan rates. Our rates are subject to change, so it’s important to stay updated and find the best deal for your needs.
Understanding Auto Loan Rates
When it comes to auto loan rates, there are a few factors to consider. For instance, the amount financed plays a role in determining the interest rates. Some applicants may also require a down payment, so it’s crucial to have a budget in mind.
It’s important to note that our auto loan rates are applicable only to standard passenger vehicles. Commercial vehicles, vehicles for hire, and vehicles with lemon law buybacks or grey/salvage titles are not eligible. Additionally, vehicles used for commercial purposes or transportation services like taxis or ride-sharing are also excluded.
APR and Loan Approval
The Annual Percentage Rate (APR) is a key aspect of auto loan rates. Our listed APR is subject to change based on your credit history. It’s worth mentioning that the APR mentioned here represents our best rates as of 09/16/2023. However, the final rate you receive will depend on your creditworthiness.
To make things easier for qualified borrowers, we offer a 290-day deferred payment option. While this option allows you to delay payments, it’s important to keep in mind that finance charges begin to accrue immediately and are repaid over the life of the loan. As a result, you may end up paying higher total finance charges compared to loans with earlier payment initiation.
Eligibility and Discounts
Eligibility for our auto loans is subject to credit and collateral approval. To offer you even better rates, we have partnered with the Cal Coast Auto Buying Service Powered by TrueCar at Ratingperson. By using this service, you may qualify for discounted rates as low as 4.48% APR, depending on factors like credit history, loan term, and vehicle model year.
Please note that the discounted rate applies to vehicle model years 2021 and newer. For example, if you decide to borrow $1,000 for a 29-month term at a fixed APR of 4.48%, your monthly payment would be $36.46. To avail of this discount, you must use the Cal Coast Auto Buying Service at Ratingperson or New Cars Inc, and finance your purchase with California Coast Credit Union.
Loan Term and Maximum Eligibility
The loan term and maximum eligibility depend on the model year of the vehicle. For model years 2021 or newer, we offer terms up to 5 ½ years (66 months). However, terms of 6 years and 3 months (75 months) require a minimum loan amount of $12,000. If you’re looking for even longer terms, we have options available for up to 7 years (84 months) on loans of $25,000 and above.
For model years 2016 to 2020, the terms remain the same as above. However, the APR rates differ. Similarly, for model years 2015 or older, including classic, exotic, and specialty vehicles, the terms and APR rates change accordingly.
We understand the unique appeal of classic, exotic, and specialty vehicles. To help you make the right choice, we have compiled a list of some of these vehicles. Please note that this list is not exhaustive and is subject to change:
- Aston Martin
- Austin Healey
- Other Specialty Vehicles
At Ratingperson, we aim to provide you with the best rates for your auto loan needs. Remember to check our website regularly for updated rates, and feel free to reach out to us with any inquiries. Happy car shopping!