Question 1

What is a good interest rate for a car loan?

Accepted Answer

Interest rates vary based on credit score, but generally 3-5% is considered good for new cars and 5-8% for used cars with excellent credit.

Question 2

How much should I put down on a car?

Accepted Answer

A down payment of 20% is recommended to avoid being upside down on your loan, but 10-15% is often acceptable for good credit.

Question 3

What is the best loan term for a car?

Accepted Answer

Shorter terms (36-48 months) save on interest, but longer terms (60-72 months) have lower monthly payments. Choose based on your budget.

Question 4

Should I trade in my old car?

Accepted Answer

Trading in can reduce your loan amount and monthly payment, but you might get more money selling privately.

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