Interest rates
Asked by Simplafi Jan 19, 2016 at 01:40 AM about the 2004 Ford F-150 FX4 Ext. Cab 4WD
Question type: Shopping & Pricing
What is a reasonable inerest rate on a used car. I
checked into a truck i found on here and talked to
someone at the dealership and it just doesnt
sound right. Yhrir asking $8990 for the truck and i
want to put $4000 down. According to them the
payment on the remaining $4990 plus tax and
possessing fees and whatever else is $329 a
month for 39 months. Thats like 60 to 70%
interest. That just doesn't sound right.
4 Answers
dwright751 answered 8 years ago
simplafi your payment should be about $175/mo (figure taxes about 550 and reg and fees about $325). that's at 8%. some banks may charge a higher rate for this older truck. Your credit score also makes a difference in rate. But $329 is unreal
Do you have a pretty good FICO score? 700 and up?
Contact the salesman and ask him what interest rate you are being charged. It should be written on the contract.
Interest rate is based on your credit score. Depending what state your buying the vehicle you have taxes, registration and other fees but even with everything added up, shouldn't be more than $200 a month. Interest rates on used vehicles are from 4 to 8% with average credit score but some dealers will stick it to you as much as 29%
